The Houston oilfield services company Nine Energy Service said Monday it is buying Magnum Oil Tools for nearly $500 million in a continuation of its recent growth spurt.

Nine, which went public earlier this year, said it’s acquiring  Magnum of Corpus Christi for the high-quality equipment it manufactures for oil and gas wells. The equipment and technology advantages will help Nine compete in tight labor markets like in West Texas’ booming Permian Basin, the company said.

Texas Oilfield Cap’s