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Intervale Capital acquires Milam Tool Company and K&M Machine Works

Intervale Capital has acquired Milam Tool Company, a specialist in the development and commercialisation of solid-body centralisers for horizontal well applications.  

 
Headquartered in Oklahoma City, Milam has built a premium brand in casing centralization. 
 
Intervale is a private equity firm which invests exclusively in oilfield manufacturing and service companies.
 
In conjunction with the Milam transaction, Intervale also acquired K&M Machine Works, a Houston-based manufacturer of threaded couplings, stop collars, crossovers, and sub-assemblies for the casing accessories market.  K&M’s products are used in both onshore and offshore applications. 
 
The assets of both Milam and K&M will be held under a newly-formed holding company called Benchmark Completions.
 
Clayton Plucheck has been named president and chief executive officer of Benchmark. Plucheck joined Benchmark after a successful career in casing hardware, having previously served as R&D manager in Weatherford International’s casing hardware division. Plucheck also co-founded Ferro-Tube Oil Tools and Liner Shoes, two businesses in the casing and cementation hardware segment.
 
Plucheck says: "I’m thrilled to partner with Milam, K&M and Intervale Capital to build a best-in-class casing hardware and accessories company.  Benchmark is committed to delivering to the market cutting-edge casing hardware products. We will build on Milam and K&M’s track records of superior quality, customer service and on-time delivery."
 
Tuan Tran, vice president at Intervale, says: "We are excited to partner with Clayton to accelerate Milam and K&M’s growth. Milam’s solid-body centralizers allow Benchmark to participate in the rapidly growing horizontal centralization market in the US.  K&M expands Benchmark’s manufacturing capacity, particularly for customers’ threaded coupling requirements in demanding onshore and offshore applications."
 
Milam and K&M both participate in the approximately USD1.5bn casing and cementation hardware market, which has grown at a 12 per cent compounded annual growth rate since 2005, according to Spears & Associates.

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