Imdex has acquired Mud-Data, a German drilling fluids and equipment company.
Mud-Data specialises in the oil, gas and geothermal drilling.
Bernie Ridgeway, managing director of Imdex, said “the acquisition is complementary to our existing drilling fluids and chemicals business and will deliver an enhanced exposure to the oil & gas and geothermal industries.
“Mud-Data will also provide a potential cost effective design and manufacturing base for AMC’s solids control technology, furthering Imdex’s goal to become a provider of solids control equipment globally.”
Imdex bought the company for $1.8 million in cash on settlement, $5.2 million in cash and shares conditional on operational milestones being achieved and a conditional earn out equivalent to 1.065% of contract revenue.
It is being funded from existing cash resources.
The acquisition is expected to be earnings accretive in 2012, generating between $12 to $15 million in revenues.