LITTLETON, Colo., Nov. 4, 2013 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced that it has acquired Bachman Services Inc and its affiliated companies from its private owners. Bachman is an innovative leader in chemicals and services for the oil and gas industry, based in Oklahoma City, OK. The Bachman companies have combined annual sales of around $80 million.
Commenting on the deal, Patrick Williams, President and CEO of Innospec said: "Since our low key entry into the oilfield chemicals market, we have been running a dual growth strategy – growing sales organically using our existing technologies, and seeking to make targeted acquisitions. We are delighted with the acquisition of Bachman, which moves us towards critical mass, and brings both good technology and market positioning. Innospec and Bachman have similar operating styles and a strong ethos of customer service. We expect the acquisition to be immediately accretive."
Angela Bachman, President and CEO of Bachman Services Inc said: "Finding the right partner to help Bachman grow in the future was a tough job. It was important to find a company with the same values and culture, so that we can integrate the two organizations and have them operating together effectively and quickly. I am very pleased to have built up an excellent relationship with Patrick and his team, to help secure a sound future for the Bachman business and its employees."Bachman Services and affiliates joins Strata Control as part of Innospec's Oilfield Specialties Division. Patrick Williams continued: "Bachman has very good relationships with its customers and suppliers. We will be working with the team closely to ensure that the high levels of service which Bachman delivers will be maintained in a seamless transition." The acquisition has been funded through the successful negotiation of an amendment and increase to the Company's existing revolving credit facility agreement up to $200 million. The secured facility remains available through to December 2016.
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