Flowco Broadens Production Optimization Portfolio Through Strategic Acquisition of Lifting Solutions
Key Highlights
- ➤Flowco (FLOC) acquired Lifting Solutions for approximately US$113 million in cash
- ➤Sellers may receive up to C$10 million contingent consideration based on 2027 performance
- ➤Acquisition adds continuous rod and PCP artificial lift technologies
- ➤Transaction expected to be accretive to earnings and free cash flow per share
Expert Statements
Joe Bob Edwards, President and Chief Executive Officer of Flowco
“We are pleased to welcome the Lifting Solutions team to Flowco. They have built a differentiated business through a deep commitment to technology, technical expertise and high-quality service—values that align closely with our own. The acquisition broadens our artificial lift portfolio and expands our ability to provide the right solutions to customers throughout the life of the well. This transaction extends Flowco’s geographic reach and creates meaningful opportunities to bring a broader set of technologies to customers across both businesses.”
David Labonte, Founder and Chief Executive Officer of Lifting Solutions
“We look forward to joining Flowco and bringing together two highly complementary businesses. Together, we can build on the strengths of both organizations and support the continued growth of the combined company.”
Flowco Broadens Production Optimization Portfolio Through Strategic Acquisition of Lifting Solutions
Flowco Holdings Inc. (NYSE: FLOC) (“Flowco” or the “Company”), a provider of production optimization, artificial lift, and emissions management and monetization solutions for the oil and natural gas industry, today announced the closing of its acquisition of Lifting Solutions Energy Services Inc. (“Lifting Solutions”), a vertically integrated manufacturer of artificial lift technologies serving wells across Canada, the United States, the Middle East, and other international markets. Founded in 2014 and headquartered in Edmonton, Alberta (Canada), Lifting Solutions is a leading provider of continuous rod, a differentiated alternative to conventional rod lift strings, and progressing cavity pumps (“PCP”). Lifting Solutions’ technical capabilities include the in-house development of proprietary rod coatings and PCP technologies designed to extend run times and reduce customer workover and lifting costs. Flowco acquired Lifting Solutions for approximately US$113 million in cash, based on a CAD/USD exchange rate of 0.71, subject to adjustment in accordance with the purchase agreement.
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