NOW Inc. (NYSE: DNOW), Houston, has closed its acquisition of Flex Flow, Midland, Texas, from GR Energy Services Holdings LP, a portfolio company of the private equity firm Pine Brook Partners. Financial terms of the all-cash deal weren’t disclosed.
NOW said Flex Flow significantly expands its “existing product offering with the addition of its rental product solution, comprising an industry leading fleet of 240 trailer-mounted horizontal pumping (“H-pump”) units.”
Said David Cherechinsky, president and CEO of NOW Inc.: “This acquisition meets the criteria we have set for inorganic investment: it bolsters and further differentiates DistributionNOW in non-commoditized customer solutions, strengthens and broadens Process Solutions in the fluid handling space, enhances our offering in the midstream markets, and provides enhanced gross margins and EBITDA flow-through dynamics. I also believe the Flex Flow business will benefit from our DigitalNOW innovation investments. I am excited to introduce the customer-enticing complementary benefits this new venture provides.”