Forum Energy Technologies Inc. (NYSE: FET) said July 5 it acquired the stock of Multilift Welltec LLC from Pelican Energy Partners, a Houston-based oilfield services focused private equity fund, and management.
The financial terms of the transaction weren't disclosed.
Also based in Houston, Multilift manufactures the patented SandGuard and the Cyclone completion tools. These products extend the useful life of an electrical submersible pump (ESP) by protecting it against falling sand and other solids after shutdown, according to Forum's press release.
“The Multilift acquisition fits with our strategy of increasing our product offering in the artificial lift value chain to completions customers,” Prady Iyyanki, Forum's president and CEO, said in a statement. “We intend to leverage Forum’s distribution system to rapidly grow Multilift’s sales with additional customers and through geographic expansion.”
Forum is headquartered in Houston with manufacturing and distribution facilities strategically located around the globe, the release said.
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