B/E Aerospace Agrees to Acquire Two Equipment Rental, Logistics and Services Businesses
B/E Aerospace (Nasdaq:BEAV), the world’s leading manufacturer of aircraft cabin interior products and the world’s leading provider of aerospace fasteners, consumables and logistics services, today announced that it has agreed to acquire LT Energy Services (LT), an Eagle Ford based provider of rental equipment, and Wildcat Wireline (Wildcat), a provider of wireline services primarily in the Eagle Ford basin, and also in the Marcellus/Utica basin.
Amin J. Khoury, Founder, Chairman and Chief Executive Officer of B/E Aerospace stated, “The acquisitions of LT, headquartered in Houston, TX, and Wildcat, headquartered in Marshall, TX, continues our initiative to expand our consumables management segment into the oilfield equipment rental, logistics and services business. The acquisition of LT establishes a new geographical base of operations in the Southwestern United States, very similar to that of our Blue Dot subsidiary in the Marcellus/Utica basin of the Northeastern United States. The acquisition of Wildcat expands the Company’s service offerings in both locations.”
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The total acquisition purchase price, including expenses, for these two transactions is expected to be approximately $265 million. As previously disclosed, discussions regarding these acquisitions have been ongoing for some time. These transactions are expected to close during the first quarter of 2014 subject to Hart-Scott-Rodino reviews. The two businesses had latest 12 months ended September 30, 2013 revenues of approximately $125 million.
Source : B/E Aerospace Inc. - view original press release