This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Innospec Expands Presence In Oilfield Chemicals With The Acquisition Of Bachman Services Inc.

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs