The asset-base acquisition will considerably boost Graco's offering in the Permian Basin
US-based Graco has agreed to acquire fishing and rental division of Gravity Oilfield Services for an undisclosed price in the US.
The acquisition will further help Graco improve its ability to deliver safe and reliable service to the oil and gas industry.
Gravity Fishing & Rental Tool employees to join Graco
Under the terms of the agreement, the Gravity Fishing & Rental Tool employees will be joining Graco.
The asset-base acquisition will considerably boost Graco’s offering in the Permian Basin as well as add a new presence to the Southeastern US through the Tuscaloosa Basin of Mississippi.
Graco will significantly increase its service footprint to existing customers with the addition of four operating bases, one support base, and nearly 80 personnel, while allowing the building of new customer relationships.
Gravity fishing & rental locations such as Laurel, MS, Midland, TX, Snyder, TX, Hobbs, NM, and a support base in Odessa, TX will be a part of the deal.
Graco president Jon Rambo said: “I’m excited to acquire such a formidable competitor and look forward to building upon the legacies of our two companies.
“The joining of these two companies will not only bring the skill and extensive fishing and rental knowledge to the forefront for all of our customers but will also provide additional market access to one of the most prolific oil and gas basins in the US.”
For the transaction, PPHB Energy Investment Banking advised Gravity.
Graco Oilfield Services is recognised as one of the largest privately held fishing and rental tool companies operating in the US. Graco’s markets are mostly focused on drilling, completion and production services, which include rental tools, fishing services, pressure pumping, workover expertise, blowout preventers, circulation services, completion drillouts, machine shop services, and tubular rental and repair services.
On the other hand, Gravity is a provider of energy infrastructure services to US onshore oil and natural gas exploration and production companies. The company offers water midstream solutions, critical power generation offerings, and other production-focused services.