Frank’s International oilfield services firm plans to buy Houston-based Blackhawk Group and its primary Blackhawk Specialty Tools brand for $321 million.
Frank’s International, which operates out of Houston but is formally headquarteed in the Netherlands in part for tax purposes, is buying Blackhawk from Bain Capital Private Equity. The deal is expected to close by the end of the year.
Frank’s is a nearly 80-year-old family business that went public in 2013. Since then, the founding Mosing family’s control has diminished. .
The company said it particularly values Blackhawk for its strength in specialty cementing tools in the shale oil fields and offshore. Frank’s President and Chief Executive Gary Luquette said Blackhawk has a reputation for quality products and service.
“Together we will continue to offer the same reliable service customers expect, while furthering customer relationships with new products and services across the Frank’s global footprint,” Luquette said a statment.
Blackhawk CEO Billy Brown said the deal will help expand the reach of Blackhawk’s tools.
“Combining Frank’s and Blackhawk is the right strategic move at the right time, providing customers the same exceptional service with a broader platform to accelerate future growth,” Brown added.
The deal would include $150 million in cash and 12.8 million in shares of Frank’s stock.