ChampionX Buying Subsea Connector Company RMSpumptools For About $110 Million

By Amit Chowdhry • Mar 25, 2024

ChampionX (a global leader in oilfield technology) announced it plans to acquire RMSpumptools Limited, which is a business unit of the energy division of UK-based James Fisher and Sons plc (JFS). This unit designs and manufactures highly engineered mechanical and electrical solutions for complex artificial lift applications.

Under the terms of the deal, the net purchase price is approximately £86 million (about $110 million at the exchange rate at the time of the deal), including net working capital adjustments.

The integration of RMSpumptools technology will advance ChampionX’s Production and Automation Technologies portfolio, providing added value to ChampionX’s customers worldwide. The deal will strengthen ChampionX’s presence and participation in various international markets, including the Middle East, Latin America, and global offshore developments. And ChampionX anticipates that RMSpumptools will achieve approximately $65 million in 2024 revenues and about $18 million in 2024 adjusted EBITDA.

With 40+ years of experience, RMSpumptools established itself as a leader in wellhead electrical penetrator and mechanical connector systems, completion systems and intervention tools, and subsea connector systems for challenging electrical submersible pumping (ESP) applications. And RMSpumptools designs, manufactures, and delivers solutions from locations in the United Kingdom, Saudi Arabia, and the United Arab Emirates and has sales in most oilfield markets worldwide. About 80% of RMSpumptools’s revenues are from outside North America.

The deal will be funded by cash on hand and will not impact ChampionX’s 2024 return of capital framework, which includes returning at least 60% of our 2024 free cash flow to our shareholders. Following the receipt of shareholder approval, satisfaction of closing conditions, and determination of potential purchase price adjustments, the deal is expected to close towards the end of the second quarter or beginning of the third quarter of 2024.


“We are excited and look forward to welcoming RMSpumptools’ talented team to the ChampionX family. The acquisition of RMSpumptools is consistent with our capital allocation framework which includes bolt-on technology acquisitions. RMSpumptools’ highly complementary portfolio aligns seamlessly with ChampionX’s existing Production and Automation Technologies offerings, with minimal product overlap. Furthermore, the acquisition of RMSpumptools broadens our growth opportunities, with particular focus on expanding our presence in the Middle East and offshore markets. Their technologies and expertise complement our own, allowing us to deliver even greater value to our customers and stakeholders.”

– Sivasankaran “Soma” Somasundaram, President and CEO of ChampionX