Innovex Downhole Solutions Inc. agreed to acquire Rubicon Oilfield International, a Houston-based service company backed by private-equity firm Warburg Pincus LLC, for an undisclosed amount.

The transaction, expected to close early 2021, combines the U.S. operations of Innovex, also based in Houston, with Rubicon’s broad international strength to create a global platform capable of sustained growth in a low commodity price environment, according to a company release on Nov. 10.

“I am excited to have the opportunity to combine two great organizations to create an even stronger product and technology-focused company,” Adam Anderson, CEO of Innovex, said in a statement.

Innovex Downhole Solutions was formed in 2016 and backed by Intervale Capital LLC. Together with Rubicon, the combined business establishes an expansive and robust global platform, with a technology portfolio spanning drilling, well construction, completion, production and intervention.

“I have a great deal of respect for the people, culture and products at Rubicon, and believe the transaction will enable the combined business to thrive,” Anderson said. “The increased scale, distribution network and broader product offering will significantly enhance value for our employees, customers and shareholders.”

Rubicon launched in June 2015 supported by an initial line of equity commitment from Warburg Pincus. The company was designed around accelerated growth via both acquisitions and organic investment in those acquisitions, products and technologies, according to the Rubicon website.

Following strategic acquisitions of recognized brands such as Tercel Oilfield Products, Logan Oil Tools, Top-Co, Choice Completion Systems and World Oil Tools in the span of two years, Rubicon established a $1 billion-plus enterprise in the upstream oilfield technology sector.

In a statement commenting on the transaction with Innovex, Rubicon President and CEO Mike Reeves said: “The employees of Rubicon, and the many predecessor companies that formed Rubicon, have worked tirelessly together to build an exciting, client-focused organization offering a unique range of high-value downhole products. Our team has safely and effectively supported some of the world’s largest producers in their most challenging wells globally.”

Reeves co-founded Rubicon with over 20 years of domestic and international leadership experience within the public and private upstream oilfield product and service organization. 

“The combination of Rubicon and Innovex will offer our customers an expansive range of high-quality downhole products, with a strong presence in every major geographic market and supported by an extraordinary team of creative and committed men and women,” Reeves added.

Leadership of the combined business will include current executives from both companies, and will be led by Innovex CEO Anderson operating under the Innovex brand.

Vinson & Elkins LLP (V&E) advised Rubicon Oilfield International in its definitive agreement to be acquired by Innovex. The V&E corporate team was led by partner Matt Strock and senior associate Claire Campbell.

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