Texas replacement pump parts companies Standard Industrial Manufacturing Partners LLC and DH Pump and Supply LLC have merged.
Odessa, Texas-headquartered Standard, an investment of Hicks Equity Partner LLC (HEP), manufactures and distributes replacement parts for a range of pumps used in production and completion applications within the oil and gas industry. The company, which was founded in 1979, has additional manufacturing in Granbury, Texas.
A private equity fund managed by HEP, the Dallas-based private equity arm of the Thomas O Hicks family office, invested in Standard in 2016 alongside its former CEO Jack Sitton. HEP is now rolling 100% of its equity stake into the combined company.
DH Pump, meanwhile, operates in a similar way to Standard but specialises in the manufacture and repair of nickel and tungsten carbide coated metal plungers and other parts consumed in hydraulic fracturing activities. Founded in 2014, DH Pump is headquartered in Weatherford, Texas with additional manufacturing in Gainesville, Texas.
The DH Pump management team is led by Jeff Humphrey, Shelton Medlock and Justin Donaldson, who will now all join Standard’s executive team. DH Pump’s fourth shareholder, Jeff Isbell, will join Standard’s board of directors. The four DH Pump shareholders will become significant shareholders in the combined company.
“The combination of Standard and DH Pump is a winning formula,” said Standard CEO Barry Beadle. “We understand that eliminating downtime is an enormous emphasis for the oil and gas industry, and we take this mission seriously by staffing our company with pump experts, maintaining a wide selection of parts and offering industry-leading customer service.”
Commenting on Standard and DH Pump’s operating models, Humphrey said: “Standard and DH Pump’s customers do not have time to wait for replacement parts. When they need a replacement part, they need it quickly. These parts must be of high quality and delivered by pump experts with technical expertise, not order takers who simply refer the customer to catalogues and part numbers. This is the collective vision for both companies and combining Standard and DH Pump will only further that vision as we seek to serve our customers even better.”
“For 40 years, Standard has been a leader in supplying replacement parts for pumps used in production applications,” said Thomas O Hicks, founder and chairman of HEP. “While DH Pump’s history is more limited, its talented team has rapidly established DH Pump as a leading provider of replacement parts for hydraulic fracturing pumps. By combining Standard and DH Pump, Standard will become one of the country’s largest manufacturers and distributors of consumable products used in oil and gas pump applications.”
