Hicks Equity buys Reamco

Private equity firm Hicks Equity Partners has acquired Reamco Inc., a Lafayette-based company that makes, rents and refurbishes downhole drilling tools and related products.

Terms of the deal were not disclosed. Reamco will be part of Hicks’ portfolio company, Drilling Tools International.

Reamco’s previous owners, Brent Milam and Ashley Lane, have become shareholders in DTI and have joined the company’s management team.

Milam founded Reamco in 1985 and has served as the company’s president since then. Lane was instrumental in Reamco’s founding and returned to the company as chief executive officer in 2011, after leading Drilling Logistics Inc. for several years.