Scotland-based Reservoir Group has acquired Extreme Machining, an Australia-based drilling tools products company.
The deal represents Reservoir Group's fifth acquisition since it was incorporated last year with backing from SCF Partners, a specialist oilfield service and equipment private equity sponsor. Previous acquisitions include London-based Storecore and Omega Data Services of Aberdeen.
Reservoir is aiming to become a market leader in integrated downhole drilling products and services to the oil and gas industry. It was formerly known as Corpro before previous backers 3i sold it to Texas-headquartered SCF in a Gbp20m-plus management buyout in May 2007.
SCF intends to transform Reservoir into a Gbp250m-turnover business within five years.
“This acquisition takes us another step closer to reaching our ambitious five year target. It represents the introduction to Reservoir Group of a range of recognised products whose international distribution can be significantly enhanced by the global infrastructure of the group,” commented Pascal Bartette, chief executive officer of Reservoir Group.
Source: Thomson Merger News