Post Oak Backs Houston-Based Downhole Tools Provider With $50 Million Commitment

Post Oak Energy Capital LP is backing Prime Downhole Holdings LLC, a Houston-based downhole tools provider formed by CEO Leif Syversenn who has a successful history of building oilfield manufacturing companies.

Post Oak, an energy-focused private equity firm also based in Houston, said Jan. 8 it led a $50 million equity commitment to Prime, adding that the Prime management team will co-invest alongside Post Oak as part of the partnership. 

Prime is a global provider of engineered services and manufactured products, primarily focused on downhole tools, to the oil and gas industry with existing assets and product lines currently in place. The company also provides a platform on which to build a diversified oilfield equipment manufacturing company, which the senior management team of Prime has a track record of success in doing.