Innospec acquires Strata Control Services

LITTLETON, US: Innospec, through its subsidiary, has acquired Strata Control Services Inc, a private oil-field company. The transaction, which was completed on 24 December 2012, includes a performance element in the purchase price and represents between 6 x 2012 EBITDA and 5x 2013 EBITDA. The deal is expected to be accretive to Innospec within the first year.

“I am delighted that  we have taken this important step in acquiring to build out our presence in this growing market. Strata Control will become part of our Oilfield Specialties business, and we look forward to working with Steve and his team to expand the sales of their excellent product lines, using Innospec’s global organization. It is important to recognize that this is only our first acquisition in growing this business, and we will continue to pursue other attractive opportunities in this market,” said Patrick Williams, President and CEO, Innospec.

© WOC News