US-based oilfield services company Frank’s International has signed an agreement to acquire Blackhawk Specialty Tools' parent company for $321m.
Blackhawk provides construction, intervention services and products for wells, and will be acquired from Bain Capital Private Equity.
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Frank’s said that Blackhawk’s acquisition will enable diversification of offerings. In particular, Blackhawk’s cementation tools will augment its tubular running services business.
Frank’s International president and CEO Gary Luquette said: “Together, we will continue to offer the same reliable service customers expect, while furthering customer relationships with new products and services across the Frank’s global footprint.
“Joining Blackhawk’s cementing tool expertise with Frank’s global tubular running services franchise will allow us to offer customers worldwide a more integrated suite of best-in-class products and services to address their well construction needs across all environments from land to shelf to deepwater.”
Blackhawk also provides well intervention products and is continuing its development of products for onshore and offshore applications.
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By GlobalDataBlackhawk CEO and founder Billy Brown said: “Joining the Frank’s global family is the next step in continuing the expansion of Blackhawk’s industry leading specialty products and equipment.
“Combining Frank’s and Blackhawk is the right strategic move at the right time, providing customers the same exceptional service with a broader platform to accelerate future growth.”
Frank’s expects that the acquired products and services will benefit from its global presence and enhance the growth potential of the business.
Subject to regulatory approvals and other customary closing conditions, the transaction is set to close during the fourth quarter of this year.
