KPS Capital Partners, LP portfolio company, Lufkin Industries reported completion off the acquisition of the North American Land Rod Lift Business of Schlumberger N.V. (NYSE: SLB). Schlumberger’s Rod Lift Business is a provider of rod lift products and services in North America with brands such as Don-Nan, Shores Lift Solutions, KBA Engineering, RLC Rod Lift Consulting and Platinum Pumpjack Services.
Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, “We are excited to combine Lufkin and Schlumberger’s Rod Lift Business, which together have an unparalleled reputation for reliability, superior technology, innovation, customer service and global footprint. KPS Partner Ryan Baker, leveraging KPS’ significant capital resources and global platform, is successfully leading a team that is building Lufkin through the acquisition of complementary businesses, technologies and products that serve the upstream sector of the energy business. KPS is committed to expanding the Lufkin platform despite unprecedented volatility in the energy business, which will benefit customers of Lufkin and Schlumberger’s Rod Lift Business.”
Andy Cordova, President of Lufkin, said, “The real winner in the combination are the customers of Lufkin and Schlumberger’s Rod Lift Business. Our customers will now have access to the many strengths of both businesses as we combine the very best technology, manufacturing processes and global footprint. We will remain laser focused on providing world-class quality, delivery and customer service across our platform as we combine these businesses and beyond.”