Menomonee Falls-based global multi-industrial firm Actuant Corp. announced today it has acquired some assets of Canadian company FourQuest Energy Inc. for about $60 million in cash.
Actuant specifically purchased the assets of FourQuest’s Middle East, Caspian and North Africa division, which is based in Dubai, UAE. It specializes in pipeline and process services procurement in the regions, and had 2015 revenue of about $25 million.
Among the services FourQuest provides are engineering, chemical cleaning, hydro testing, oil flushing, air/stream blowing, nitrogen/helium leak testing and full pipeline pre-commissioning.
“FourQuest MENAC’s services are highly complementary to our existing Hydratight offering and this acquisition enhances our position as a leader of integrity and maintenance services in the energy space – one of Actuant’s four macro growth markets,” said Brian Kobylinski, executive vice president, Energy Segment & China at Actuant. “The ability to provide a bundled offering of maintenance capabilities will allow us to deliver enhanced value to our customers, along with the ability to globalize FourQuest MENAC’s service offering throughout Hydratight’s footprint With an expanded pool of highly trained technicians, we expect this service line will generate meaningful growth over time.”