Cemc Services, LLC completed the acquisition of Ameron Pole Products LLC from NOV Inc..
April 08, 2024
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Cemc Services, LLC entered into a Membership Interest Purchase Agreement to acquire Ameron Pole Products LLC from NOV Inc. (NYSE:NOV) for $180 million on March 8, 2024. Arcosa expects to fund the $180 million purchase price with a combination of cash on-hand and borrowings available under its revolving credit facility. The transaction is subject to customary closing conditions, including the expiration or termination of applicable waiting periods or commitments under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction has been approved by the Arcosa, Inc.?s Board of Directors. For the year ended December 31, 2023, Ameron had revenues of approximately $94 million and Adjusted EBITDA of approximately $20 million, implying a 9.0x EBITDA acquisition multiple. The Transaction is expected to close in the second quarter of 2024.
Cemc Services, LLC completed the acquisition of Ameron Pole Products LLC from NOV Inc. (NYSE:NOV) on April 9, 2024. Weil, Gotshal & Manges LLP served as legal advisor to Arcosa. Houlihan Lokey, Inc. acted as financial advisor to NOV Inc.
NOV Inc. is an independent equipment and technology provider to the global energy industry. The Companyâs segments include Energy Equipment, and Energy Products and Services. Its Energy Products and Services segment provides a variety of technologies used primarily to perform drilling and well completion operations and offers services that optimize their performance. Its Energy Products and Services segment designs, manufactures, rents, and sells equipment and products for drilling, intervention, completion, and production activities, including drill bits, downhole tools, premium drill pipe, drilling fluids, managed pressure drilling, integral and weld-on connectors for conductor strings and surface casing, completion tools, and artificial lift systems. Its Energy Equipment segment manufactures and supports the capital equipment and integrated systems needed for oil and gas exploration and production, both onshore and offshore, as well as for other marine-based and industrial markets.