Forum Energy Technologies, Inc.
FET announced today that it has entered into a definitive agreement to
acquire Blohm + Voss Oil Tools from STAR Capital Partners Limited (STAR), a
London based private equity firm. Completion of the transaction is subject to
certain customary closing conditions. Further details of the transaction were
not disclosed.
With locations in Hamburg, Germany and Willis, Texas, Blohm + Voss Oil Tools
manufactures a comprehensive range of pipe handling equipment used on offshore
and onshore drilling rigs.
Cris Gaut, Forum's Chairman and Chief Executive Officer, commented, "Blohm +
Voss Oil Tools significantly strengthens the tubular handling offering within
our Drilling Technologies product line. The Blohm + Voss brand name is well
recognized in the industry and has a strong reputation for delivering high
quality products to a global customer base. Blohm + Voss Oil Tools' strength
in international and offshore markets complements Forum's strength in the
North America land market. In addition, we see an opportunity to expand the
market for our combined product offering by utilizing our existing global
sales, distribution and service channels. We welcome all of the employees of
Blohm + Voss Oil Tools to the Forum family."
Jens Lutzhoft, Managing Director of Blohm + Voss Oil Tools, commented, "We are
pleased to join forces with Forum, which has the same customer-oriented
philosophy as our own. For our employees, who have been the key to our
success, Forum offers additional growth opportunities."
Paul Gough, Partner of STAR, commented, "We are very pleased to have supported
Blohm + Voss Oil Tools' substantial growth as an independent
organisation. Forum is extremely well placed to leverage Blohm + Voss Oil
Tools' well established brand, high quality product portfolio and skilled
design and manufacturing team on a global scale. The transaction is a great
result for Blohm + Voss Oil Tools' employees, STAR and Forum. We wish all
those at the company well under its new ownership."
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