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Hicks Equity Partners (HEP), a private equity firm led by the Thomas O. Hicks family, announced that its portfolio company, Directional Rentals, Inc., has acquired Reamco, Inc., a company based in Lafayette, La., that manufactures, rents and refurbishes downhole drilling tools and related products.
Directional Rentals, an oilfield services company, has also been renamed Drilling Tools International (DTI). According to the company, the new name more accurately reflects its mission of renting, manufacturing and selling drilling tools, used in bottomhole assemblies, to oilfield services companies, independent directional drillers and exploration companies, both onshore and offshore.
Reamco specializes in the manufacture and refurbishment of stabilizers, drill collars, reamers and related products, and also offers grinding and hardfacing capabilities. The firm maintains key certifications from the API, and is ISO certified.
Reamco’s previous owners, Brent Milam and Ashley Lane, have become shareholders in DTI and have joined the company’s management team. Milam founded Reamco in 1985, and has served as the company’s president since that time. Lane was instrumental in Reamco’s founding, and returned to the company as CEO in 2011, after leading Drilling Logistics, Inc., for several years.
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