Dril-Quip Inc., an energy equipment developer and manufacturer based in Houston, Texas, has acquired Great North Wellhead in addition to its subsidiaries (Great North) for approximately $80 million cash, according to a July 31 press release. (Source: Shutterstock.com)
Dril-Quip Inc., an energy equipment developer and manufacturer based in Houston, Texas, has acquired Great North Wellhead in addition to its subsidiaries (Great North) for approximately $80 million cash, according to a July 31 press release.
Great North, which was previously owned by Industrial Growth Partners, provides mission-critical wellhead products and well-completion solutions. It generates an annual revenue of approximately $100 million and generates annual EBITDA of approximately $25 million.
"This acquisition marks a milestone in our mission to expand our Well Construction portfolio and we are excited for the growth opportunities that lie ahead,” said Jeff Bird, president and CEO of Dril-Quip. “Our clients' satisfaction will remain our top priority; combining Great North's differentiated product offering with Dril-Quip's extensive footprint brings many benefits to our valued clients.”
Morgan Stanley & Co. LLC served as the exclusive financial adviser to Dril-Quip while RBC Capital Markets served as the exclusive financial adviser to Great North.
Gibson Dunn & Crutcher LLP served as legal counsel for Dril-Quip while Stikeman Elliott LLP served as legal counsel for Great North.
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