NOW Inc., a Houston-based distributor of oil and gas industrial markets disclosed on Monday, March 1 it is acquiring the assets of Flex Flow, a Midland-based surface-mounted horizontal and jet-pumping (oil/gas) company.
“We are excited about the opportunity to add the Flex Flow business to NOW,” David Cherechinsky, CEO of NOW Inc. said in a press release. “With its established position in the horizontal multi-stage centrifugal pump (“H-pump”) packages and water management solutions market, Flex Flow will provide numerous attractive opportunities in the midstream space for NOW. We are looking forward to the opportunity to welcome the Flex Flow employees to our team. NOW plans to continue to seek acquisitions that can add to its historical return profile in a positive manner and we believe the Flex Flow acquisition will be an excellent example of that.”
The acquisition involves an agreement between NOW and GR Energy Services, an oilfield products and services company in Houston, and Pine Brook Partners, an investment firm based in New York.
Flex Flow is a producer of horizontal or H pumps used to transport oil and gas. The business offers rentals, permanent installation and support services.
NOW, which operates under the brand DistributionNOW and DNOW, has 195 locations and 2,450 employees worldwide. The company offers services to a wide variety of energy-involved businesses including oil and gas explorers and producers, transport companies, refineries, chemical businesses, utilities and engineering and constructions firms.
Flex Flow serves oil and gas producers in the oilfield regions of the Permian Basin in West Texas and Southeast New Mexico, the Bakken area (Montana, North Dakota, Saskatchewan and Manitoba in Canada), and the Rocky Mountain and Middle American regions.
The financial terms of the deal which depends on regular closing agreements yet to be resolved were not disclosed in the press release.