Forum Energy Technologies, Inc. and Quantum Energy Partners have entered into a definitive agreement to jointly acquire Dayton, Texas based Global Tubing from ARC Financial Corp., a Calgary-based private equity firm, and a group of investors.
Upon completion of the transaction, Forum and Quantum will each hold an equal interest in Global Tubing, and certain members of Global Tubing's management team will retain a small interest.
The acquired company provides coiled tubing strings and related services to customers worldwide. Completion of the transaction is subject to certain customary closing conditions. Further details of the transaction were not disclosed.
“Global Tubing's high-quality coiled tubing strings are critical consumable components of coiled tubing units that perform an increasing number of well completion and intervention activities,” said Cris Gaut, Forum's Chairman and CEO. "Global Tubing gives Forum additional exposure to increasing well complexity and horizontal well completion activity, two key industry trends that benefit Forum. Working with Quantum allows us to preserve capital for future potential acquisitions, while providing us an opportunity to acquire the remaining interest in Global Tubing in the future."