Innovex International has completed its acquisition of Citadel Casing Solutions, bolstering its position in the U.S. cementing tool market, Innovex said in a June 2 press release.

The all-cash transaction values Citadel at approximately 3.8x its last 12 months adjusted EBITDA and is 8% accretive to Innovex’s earnings per share, the release said.

Innovex said it anticipates realizing approximately $2 million in cost synergies within three months and expects further synergies over the longer term as the business is fully integrated.

Founded in 2016, Citadel provides differentiated downhole technologies designed to reduce cycle times through operational efficiencies, the company said.

Citadel’s TrenchFoot Wet Shoe technology is aimed at expanding reservoir access, which results in increased production, Innovex CEO Adam Anderson said.

“As a result of its technology-centric approach, Citadel has outgrown the market over the last few years, and we expect this to continue over the next few years,” Anderson said. “This acquisition bolsters our leadership position in the cementing tool market in U.S. Land and supports our efforts to grow market share in the offshore and international markets.”

Innovex International is a Houston-based company established in 2024 following the merger of Dril-Quip Inc. and Innovex Downhole Solutions.

Akin Gump Strauss Hauer & Feld served as legal adviser to Innovex. Piper Sandler served as exclusive financial adviser to Citadel, and Troutman Pepper Locke served as Citadel’s legal adviser.

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