Focus Strategies Secures Buyer for OilPatch Technologies
Austin, Texas – (February 15, 2017) – The Technologies Alliance, Inc. d/b/a OilPatch Technologies (OPT) was acquired by a public (NYSE) company providing highly engineered offshore drilling and production equipment worldwide for $20 million, subject to closing adjustments. Focus Strategies Merchant Banking, LLC (Focus Strategies) served as the exclusive advisor to OPT throughout the transaction, which closed January 6, 2017.
OPT was founded in 1990 and focuses on design, analysis, manufacture, and testing of subsea and floating development systems and components. The company offers riser components and systems, tubular connections, and tubular handling and inspection solutions. The Houston, Texas based group had previously received valuation services from Focus Strategies.
“I feel very fortunate to have completed this deal considering the oilfield recession,” Kevin Gendron, co-founder of OPT said. “Focus Strategies was a trusted advisor and resource throughout the process.”
The buyer and its subsidiaries, designs, manufactures, sells and services offshore drilling and production equipment for use in deepwater, harsh environments and severe service applications worldwide.
The Focus Strategies team consisted of Managing Director Larry Hester, Managing Director Daryl Swarts and Associate John Pruitt.
For more information, please contact Lauren Greenwood at lgreenwood@focus-strategies.com or call 512-477-3280.
Tags: Closing Announcements