Actuant Corporation, a $1.2 billion diversified industrial company serving customers in over 30 countries, has announced it has acquired the business and assets of the Middle East, North Africa and Caspian division (“FourQuest MENAC”) of privately owned Canadian-based FourQuest Energy, Inc. for approximately $60 million. Based in Dubai, UAE, FourQuest MENAC maintains a leading position in the provision of pipeline and process services across the Caspian, the Middle East and the North Africa regions. It provides a full range of industrial services and equipment from engineering, chemical cleaning, hydro-testing, oil flushing, air/steam blowing, nitrogen/helium leak testing services and full pipeline pre-commissioning services. Calendar 2015 revenues were approximately $25 million.
“FourQuest MENAC’s 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 – one of Actuant’s four macro growth markets,” said Brian Kobylinski, Executive Vice President, Energy Segment & China. "The ability to provide a bundled offering of maintenance capabilities will allow us to deliver enhanced value to our customers, along with the ability to globalize FourQuest MENAC’s service offering throughout Hydratight’s footprint With an expanded pool of highly trained technicians, we expect this service line will generate meaningful growth over time.”
The purchase price is expected to be funded from existing cash balances.
Actuant Corporation is a diversified industrial company serving customers from operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic tools and solutions, specialized products and services for energy markets and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. For further information on Actuant and its businesses, visit the Company's website atwww.actuant.com.