The spirit of the industry’s worst downturn since the 1980s and that decade's TV kitsch collided April 5 as Downhole Technology LLC, formerly known as National Boss Hog Energy Services, sold to new ownership.

Private-equity fund Pelican Energy Partners said it sold portfolio company Downhole Technology to Austria's Schoeller-Bleckmann Oilfield Equipment AG. The sale continues a slow but steady flow of oilfield service company acquisitions.

The deal’s enterprise value “represented” $152 million, a news release said.

Downhole Technology is a manufacturer of composite downhole drillable plugs used in well fracking operations. The company was founded in 2010 by Duke VanLue.

The company’s original name is an homage to the 1980s fictional antagonist Jefferson Davis “Boss” Hogg from the television program “The Dukes of Hazzard.” In an undated Business in Focus interview, VanLue describe himself as a fan of the show.

Houston-based Pelican sold its equity holdings in the Downhole Technology.

Mike Scott, William Chiles, Pelican, energy partners

Pelican's management team—Mike Scott and William E. Chiles—retained the majority of their equity holdings. The pair will continue with the business as partners with Schoeller-Bleckmann, the release said.

"The company has tremendous growth potential going forward," Scott said.

The transaction closed April 1. Downhole Technology will immediately begin operations within the Schoeller-Bleckmann family of energy service companies.

Schoeller-Bleckmann's focus is on non-magnetic drillstring components and high-tech downhole tools for drilling and completing directional and horizontal wells. At year-end 2015, the company employed a workforce of 1,135 worldwide, with 376 in Austria and 399 in North America.

Due to a strong balance sheet, Schoeller-Bleckmann has been able to push ahead with its search for strategically fitting acquisition targets, according to a March 17 release.

"As before, we will pursue active cost management and, at the same time, systematically continue the search for attractive acquisition targets which fit in well with our strategy. We use the downturn in order to align Schoeller-Bleckmann to ensure that it can fully benefit from the next upswing," said Gerald Grohmann, the company's CEO, in a statement.

In 2015, Schoeller-Bleckmann, along with the rest of the oilfield service industry, faced a massive decline of global drilling activities. The company saw drilling activities fall last year by 45%.

Despite the difficult environment, the company’s operating results remained positive before impairments and a record free cash flow, the release said.

"The oilfield service industry experienced a profound downturn in 2015," Grohmann said. "We expect another difficult business year in 2016. However, with its fundamentally sound balance sheet structure and improved cost structure, Schoeller-Bleckmann is excellently prepared to meet the challenges."

Schoeller-Bleckmann isn't the only oilfield service company positioning itself to take advantage of the current downturn.

In March, frack sand supplier U.S. Silica Holdings Inc. (NYSE: SLCA) launched a stock offering, generating $173.9 million in proceeds.

The company, which said the sand industry is “ripe for consolidation," plans to use the proceeds for general corporate purposes including the potential acquisition of complementary businesses or assets.

“From our vantage point, the offering was not imperative with regards to liquidity, making the possibility of an acquisition seem probable,” said John Daniel, senior research analyst with Piper Jaffray & Co., in a March 17 report. “Silica would be a natural consolidator in an industry desperate for consolidation.”

Emily Moser can be reached at emoser@hartenergy.com.

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