National Oilwell Varco (NYSE: NOV) has purchased Fiberspar Corp. from White Deer Energy for an undisclosed price.

Fiberspar manufactures and supplies advanced spoolable fiber-reinforced composite pipe for oilfield operators. It was owned by White Deer Energy, a private equity fund based in Houston which focuses on upstream and midstream energy companies.

Fiberspar's primary product line, marketed as LinePipe, is used by crude oil and natural gas producers in surface applications which benefit from the product's rapid installation process and corrosion resistance capabilities. Fiberspar's LinePipe has multiple oilfield applications including infield gathering systems and existing flowline remediation. Like Varco, its headquarters are in Houston, Texas.

Simmons & Company International served as exclusive financial advisor for the transaction.