Akastor’s wholly owned subsidiary MHWirth has signed a $31.5m agreement with Bronco Holdings to purchase A 100% ownership stake in Bronco Manufacturing.
The acquisition strengthens MHWirth’s onshore aftermarket services. Furthermore, the company aims to increase Bronco’s international market share by using its established offshore relationships.
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MHWirth executive chairman Merrill ‘Pete’ Miller said: “I have known Bronco and their reputation within our industry for a number of years. We were very lucky when the prospect of a combination with Bronco and MHWirth became possible.
“Getting these two companies working together opens up strategic opportunities in the land and offshore drilling equipment space that were not easily available to either company separately. Our respective areas of expertise fit together incredibly well, providing us each with new market, product and supply chain possibilities.”
The acquisition of Bronco will also enable MHWirths to strengthen its presence in North America and increase local manufacturing capabilities in the Houston region.
Bronco Manufacturing CEO and co-founder Max Mantooth said: “We feel that MHWirth provides us with the chance to expand our sales and customer base worldwide, land and offshore.
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By GlobalData“The MHWirth Executive Management Team has an incredible track record of growth, one that fits the vision I have had for this company for a number of years.”
MHWirth CEO Eirik Bergsvik said: “This acquisition is an important part of our strategy, as announced when our chairman Pete Miller joined earlier this year, and it will contribute in the growth of our aftermarket and repair business.”
The transaction was closed simultaneously post the signature of the agreements. Bronco will be merged with MHWirth Segment in Akastor Group, as part of the agreement.
