Coretrax has marked the latest phase of its ambitious growth strategy by entering an agreement for Expro to acquire the business in a multi-million-dollar deal. This acquisition will accelerate the availability of Coretrax’s innovative, high-value-adding tools by utilizing Expro’s global operating footprint. The total consideration to be paid at closing is approximately $210 million.
Coretrax experienced sustained growth following investment from private equity firm Buckthorn Partners in 2019. Buckthorn Partners is a UK investment company focused on acquiring and growing energy products and services businesses involved in the energy transition. Since 2014, Buckthorn made 18 investments across six platforms, providing portfolio companies with industry experience, a broad industry network, primary capital, M&A expertise, etc. Working with experienced management teams, Buckthorn supports successful companies organically and through M&A.
Wells Fargo Securities, LLC serves as financial advisor to Expro and CMS Cameron McKenna Nabarro, and Olswang LLP is acting as legal counsel on the transaction.
Evercore is serving as a financial advisor; Blackwoods is acting as legal counsel to Coretrax, and Sidley Austin is acting as legal counsel to Buckthorn Partners on the deal.
KEY QUOTES:
“I’m excited about the opportunities the acquisition brings for Coretrax and our team. The synergies between our respective technology portfolios will enable us to grow our market share while significantly increasing our capabilities to tackle the most complex of well challenges. We are proud of the innovation-led approach, strong customer base and performance history that we developed over the last 15 years, and we look forward to joining forces with Expro to create greater value for our customers globally.”
“Our talented workforce has been instrumental to our growth to date, and I’d like to take this opportunity to thank each of them for their continued support, hard work and dedication as we continue to build on our success.”
- John Fraser, CEO at Coretrax
“We are thrilled to announce our proposed acquisition of Coretrax, and look forward to welcoming John Fraser and his teammates to the Expro family. Coretrax has a complementary offering to Expro with little overlap and will bolster the portfolio of technology-enabled services and solutions offered through our well construction and well intervention and integrity product lines, adding significant value to our clients from innovative technologies that reduce risk and cost, optimise drilling efficiency, extend the life of existing well stock, and optimise production.”
- Michael Jardon, Expro Chief Executive Officer
