Oilfield services firm Frank’s International plans to buy Houston-based Blackhawk Group and its primary Blackhawk Specialty Tools brand for $321 million, FuelFix.com reports.
Frank’s International, which is formally headquartered in the Netherlands and operates in Houma, is buying Blackhawk from Bain Capital Private Equity. The deal is expected to close by the end of the year.
Frank’s is a nearly 80-year-old family business that went public in 2013. Since then, the founding Mosing family’s control has diminished.
The company says it particularly values Blackhawk for its strength in specialty cementing tools in the shale oil fields and offshore. Blackhawk CEO Billy Brown says the deal will help expand the reach of Blackhawk’s tools.
“Combining Frank’s and Blackhawk is the right strategic move at the right time, providing customers the same exceptional service with a broader platform to accelerate future growth,” Brown adds.
The deal would include $150 million in cash and 12.8 million in shares of Frank’s stock.
