FRISCO – Graco Fishing & Rental Tools Inc. (dba Graco Oilfield Services), a leading provider of oilfield services for more than 40 years, announced it has acquired all fishing, rental tool and related assets of Gravity Oilfield Services’ Fishing & Rental Division.
With the acquisition, the Gravity Fishing & Rental Tool employees will be joining the Graco family.
The asset-based acquisition will substantially increase Graco’s offering in the Permian Basin as well as add a new presence to the Southeastern U.S. via the Tuscaloosa Basin of Mississippi. With the addition of four operating bases, one support base, and approximately 80 personnel, Graco will substantially increase its service footprint to existing customers while allowing the building of new customer relationships, the company said in a news release.
Graco’s current geographic service area will be strongly complemented with minimal overlap by the addition of the Gravity service points.
The following Gravity locations will be a part of the transaction: Laurel, Mississippi; Midland; Snyder; Hobbs, New Mexico; and a support base in Odessa.
Financial terms of the transaction are not being disclosed. PPHB Energy Investment Banking advised Gravity on the transaction.
“I’m excited to acquire such a formidable competitor and look forward to building upon the legacies of our two companies. The joining of these two companies will not only bring the skill and extensive fishing and rental knowledge to the forefront for all of our customers but will also provide additional market access to one of the most prolific oil and gas basins in the U.S.,” said Graco President Jon Rambo.
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– FWBP Staff