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Grant Prideco Buys Andergauge

Oil-drilling equipment maker Grant Prideco (GRP) said Friday that it acquired Anderson Group, known as Andergauge, for price of $115.7 million and net debt of about $39.9 million.

Andergauge is a provider of specialized downhole drilling tools, including AnderReamer and AG-itator, and provides services related to these tools. Full-year revenue of Andergauge is expected be about $70 million with EBITDA at about $26 million.

"We are excited about adding the fast- growing suite of Andergauge downhole tools to our existing product lines," the Houston-based company said. "Andergauge brings a strong international presence, with approximately 70% of its business outside the United States. With the introduction of several new downhole products, Andergauge has expanded its range of tools to meet demanding drilling requirements. Additionally, by incorporating ReedHycalog's PDC and bit technology into Andergauge's product development, we believe significant opportunities exist for product line and technology enhancement."

This story was created through a joint venture between TheStreet.com and IRIS.

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