Diversified manufacturer Actuant Corp. (NYSE: ATU), Milwaukee, WI, has acquired the Middle East, Caspian and North Africa division – known as FourQuest MENAC – of Canadian-based FourQuest Energy Inc. for $60 million.
Based in Dubai, UAE, FourQuest MENAC provides pipeline and process services across the Caspian, the Middle East and the North Africa regions. Its 2015 revenues were $25 million.
“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.
