New Navy Leaders as Trump Takes Office
The Honorable Sean J. Stackley assumed the responsibilities of acting secretary of the Navy Jan. 20 at noon. Stackley, who served as the assistant secretary of the Navy (Research, Development and Acquisition) for more than eight years, will carry out the day-to-day responsibilities of the secretary of the Navy until the incoming Trump administration nominates, and Congress confirms, a replacement for Secretary of the Navy Ray Mabus. The Honorable Thomas W. Hicks, deputy undersecretary of the Navy (Management), will also perform the duties of under secretary of the Navy until a replacement for the Honorable Janine Davidson is nominated and confirmed. The Honorable Allison F. Stiller will perform the duties of assistant secretary of the Navy (Research, Development and Acquisition).
Drilling Tools International Acquires Reamco
Hicks Equity Partners (HEP), a private equity firm led by the Thomas O. Hicks family, announced that its portfolio company, Directional Rentals, Inc., has acquired Reamco, Inc., a company based in Lafayette, La., that manufactures, rents and refurbishes downhole drilling tools and related products used in the drilling industry. Directional Rentals, Inc., an oilfield services company, has also been renamed Drilling Tools International (DTI) to more accurately reflect the company's mission of renting…