Milwaukee-based private investment firm Lubar & Co. has invested in Drilltec, a Houston-based company that makes products used in the oil country tubular goods market.
Lubar and New York private equity firm Pouschine Cook Capital Management purchased the manufacturer from Hancock Park Associates, a private equity firm in Los Angeles. Hancock Park acquired Drilltec in 2007.
Drilltec engineers and manufactures protective products that are used to prevent drill pipe, casing and tubing from being damaged while it is shipped, racked or stored.
It sells the protective equipment to major global oil companies, pipe manufacturers, contract drillers and threaders.
"We are pleased to be working with CEO Bryan Baker and the team at Drilltec. They are exceptionally experienced, knowledgeable and talented," said Sheldon Lubar, founder and chairman of Lubar & Co. "Drilltec is well positioned and is currently expanding into several new markets to better serve the needs of oil and gas multinationals worldwide."
Drilltec currently manufactures its products in the U.S., Mexico, Europe, Argentina, Japan and Southeast Asia, with plans to expand into Brazil and Saudi Arabia.
It boasts the industry’s top market share in OCTG thread protector and packaging manufacturing.
Lubar & Co.’s long-term experience in the energy industry made the investment a good match, Baker said.
"Lubar & Co. shares our company's vision and our desire to continue to invest in and grow Drilltec," he said. "Lubar & Co. fit the mold for what we were seeking in an investment firm – a strong understanding of our strategic business model and short- and long-term goals, a desire for a long-term relationship, and a successful track record of collaborating to support thriving companies."