Forum Energy Technologies Inc has acquired Houston, Texas-based Multilift, a maker of completion tools. The seller was Pelican Energy Partners. No financial terms were disclosed.
HOUSTON–(BUSINESS WIRE)–Forum Energy Technologies, Inc. (NYSE: FET) announced today that it acquired the stock of Multilift from Pelican Energy Partners, a Houston-based oilfield services focused private equity fund, and management. Based in Houston, Texas, Multilift manufactures the patented SandGuard™ and the Cyclone™ completion tools. These innovative products extend the useful life of an electrical submersible pump (ESP) by protecting it against falling sand and other solids after shutdown.
Prady Iyyanki, Forum’s President and Chief Executive Officer, commented, “The Multilift acquisition fits with our strategy of increasing our product offering in the artificial lift value chain to completions customers. We intend to leverage Forum’s distribution system to rapidly grow Multilift’s sales with additional customers and through geographic expansion. We welcome the Multilift employees to Forum.”
Forum Energy Technologies is a global oilfield products company, serving the drilling, subsea, completions, production and infrastructure sectors of the oil and natural gas industry. The Company’s products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe. For more information, please visit www.f-e-t.com.