Flotek Industries Completes Purchase Of Eclipse IOR Services

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
7MM
Description

Purchased the Keller, Texas-based company; includes EOR technologies and services.

Flotek Industries Inc. (NYSE: FTK) announced Jan. 16 the closing of its purchase of Eclipse IOR Services LLC for $7 million.

Eclipse, of Keller, Texas, is a leading provider of enhanced recovery technologies for oil and natural gas producers. Eclipse offers enhanced oil recovery (EOR) technologies and consulting services to clients in North America and internationally. While final year-end financials are pending, the company estimates Eclipse's 2013 net income to be $1.6 million.

With the acquisition, Flotek, headquartered in Houston, plans to expand its EOR platform.

"Eclipse's expertise in enhanced oil recovery processes and the use of polymers to improve performance of EOR projects is an important addition to Flotek's growing inventory of EOR services," John Chisholm, Flotek chairman, president and CEO, said in the release. "Not only does Eclipse add leading edge products and services to our EOR offerings, the addition of Jay, Ron and the Eclipse team should allow Flotek to leverage their expertise to grow market share for our other EOR chemistry applications."

The total $7 million purchase price includes $5.25 million in cash and 94,354 shares of Flotek common stock. The transaction is effective Jan. 1.