Actuant Corporation announced that it has acquired the business and assets of the Middle East division of privately owned Canadian based FourQuest Energy, Inc., for approximately US$60 million. Based in Dubai, UAE, FourQuest ME is involved in the provision of pipeline and process services across the Caspian, Middle East and North Africa regions. It provides a full range of services and equipment from engineering, chemical cleaning, hydro, flushing, blowing and leak testing services. Calendar 2015 revenues were approximate US$25 million.
黑料社淔ourQuest ME黑料社檚 services are highly complementary to our existing Hydratight offering and this acquisition enhances our position as a leader of integrity and maintenance services in the energy space 黑料社� one of Actuant黑料社檚 four macro growth markets,黑料社� said James Gaskell, Global Business Development Leader, Energy Segment, Actuant Corporation.
黑料社淭he ability to provide a bundled offering of maintenance capabilities will allow us to deliver enhanced value to our customers, along with the ability to globalise FourQuest ME黑料社檚 service offering throughout Hydratight黑料社檚 footprint. With an expanded pool of highly trained technicians, we expect this service line will generate meaningful growth over time.黑料社�
The purchase price is expected to be funded from existing cash balances.
Adapted from a press release by