Weir Wraps Up Seaboard Deal

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
675MM
Description

Acquired wellhead service company, gaining field service, equipment repair and frac-tree rental assets with 25 locations in North America.

The Weir Group Plc, Glasgow, U.K., (London: WEIR) has closed its acquisition of Houston-based Seaboard Holdings Inc., a portfolio company of San Francisco-based private-equity firm Industrial Growth Partners, for $675 million.

Seaboard provides wellhead services to the energy industry such as manufacturing proprietary, highly engineered wellhead and pressure control equipment. Seaboard also offers related field service, equipment repair and frac-tree rental. The company has 25 locations in North America, including key shale plays.

The assets will be added to Weir Oil & Gas, which designs and manufactures high-pressure well-service pumps and flow-control equipment focused on unconventional oil and gas markets.

Harrison Williams & Co. was financial advisor to Seaboard.