Intervale Capital, an energy private equity firm in Houston, said it has purchased a majority stake in private oil-equipment manufacturer PDC Logic for an undisclosed sum.
The Oklahoma-based maker of drilling and completion bits operates in the Permian Basin and the Eagle Ford Shale in Texas and the DJ Basin in Colorado
RELATED: Intervale Capital raises $495 million for oil field services, drilling efficiency
Intervale, PDC Logic founder Tom Waitman said, is "uniquely positioned to drive rapid growth of the business as we look to enter additional territories and commercialize new bit products."
Intervale has raised some $1.3 billion to invest in midsize oil field service companies and equipment makers since 2006. The company collected $495 million from investors in 2014 to pump capital into small oil field services companies, its third fund.