Acquisition expands reach, service offering to upstream oil and gas industry
Cleveland, OH - Applied Industrial Technologies has reached a definitive agreement to acquire Knox Oil Field Supply (Knox) of San Angelo, Texas, a leading supplier to the upstream oil and gas industry. The acquisition is expected to be completed around July 1, 2014, upon expiration of the Hart-Scott-Rodino waiting period and satisfaction of certain other customary conditions.
Knox Oil Field Supply is a family owned and operated distributor of oilfield supplies and related services established in 1978. Products include downhole pumps, rods, valves and fittings, and general supplies. Services include pump diagnostics and repair, as well as valve repair. Knox operates from 15 locations in Texas and one in New Mexico. The business employs 140 people and has annual sales in excess of $100 million.
"We are excited to announce the pending acquisition of Knox," said Neil A. Schrimsher, President & Chief Executive Officer for Applied. "Their strong oil and gas industry knowledge, experience and market presence will enhance our product and service offering in this growing energy sector. Combined with our recent acquisitions of Reliance Industrial Products and Texas Oilpatch Services (TOPS), the addition of Knox will further bolster our position within the area of Oilfield Supplies and build on our upstream oil and gas capabilities."
Todd A. Barlett, Applied's Vice President – Acquisitions and Global Business Development, added, "We look forward to completing the acquisition of Knox, working with their high-quality team, and expanding our oil and gas business opportunities. We view Knox as an ideal strategic fit with our growth and expansion plans."
