O-Tex Pumping, LLC, a Duncan, Oklahoma-based provider of downhole cementing services to the oil industry, has received a $52m investment from energy private equity fund White Deer Energy L.P.
The investment included a $42m purchase of existing equity and $10m to acquire newly issued shares.
O-Tex will use the new capital to accelerate the expansion of its cement pumping truck fleet and to finance the opening of additional locations. White Deer has also reserved the possibility to make additional investment in the company, which currently provides cement pressure pumping from five locations in Texas, Oklahoma and Arkansas.
Led by President and CEO John Leffler, O-Tex currently has 165 employees.