M&A Deal Summary

Expro Acquires Coretrax

On February 12, 2024, Expro acquired energy services and equipment company Coretrax from Buckthorn Partners for 210M USD

Acquisition Highlights
  • This is Expro’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Expro’s largest (disclosed) transaction.
  • This is Expro’s 3rd transaction in the United Kingdom.

M&A Deal Summary
Date 2024-02-12
Target Coretrax
Sector Energy Services and Equipment
Buyer(s) Expro
Sellers(s) Buckthorn Partners
Deal Type Add-on Acquisition
Deal Value 210M USD
Advisor(s) Evercore Group (Financial)

Target

Coretrax

Portlethen, United Kingdom
Coretrax is an independent service company offering wellbore clean-up and wellbore abandonment operations. By coupling cutting-edge technology with exceptional customer service, Coretrax has gained a comprehensive track record working internationally in the Oil and Gas sector. Coretrax Technology Ltd. was founded in 2008 and is based in Portlethen, United Kingdom.

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Buyer(S) 1

Buyer

Expro

Houston, Texas, United States
Category Company
Founded 1938
Sector Energy Services and Equipment
Employees8,000
Revenue 1.5B USD (2023)
DESCRIPTION

Expro is a provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well integrity and intervention. Expro was founded in 1938 and is based in Houston, Texas.

DEAL STATS #
Overall 4 of 4
Sector (Energy Services and Equipment) 2 of 2
Type (Add-on Acquisition) 4 of 4
Country (United Kingdom) 3 of 3
Year (2024) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-02 Professional Rental Tools

Houston, Texas, United States

Professional Rental Tools is a provider of stabilization and support equipment for oil and gas companies in the deep-water Gulf of Mexico. Professional Rental Tools is based in Houston, Texas.

Buy $62M

Seller(S) 1

SELLER

Buckthorn Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Small
Type Sector Focused
DESCRIPTION

Buckthorn Partners LLP is a private investment group focused exclusively on investments in oil field service businesses. The Firm has a special interest in partnering with companies exposed to long-term growth trends and providing them industry experience, growth capital, and advice. Buckthorn Partners LLP is based in London.

DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 2 of 2
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 2 of 2
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-10 Cardo Group

Cardiff, United Kingdom

Cardo Group has been formed to support social housing providers with their maintenance, compliance, retrofit and decarbonisation needs. Cardo Group was founded in 2023 and is based in Cardiff, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-27 Acteon

Norwich, United Kingdom

Acteon is a global oilfield services provider focusing on the provision of subsea services and products. Acteon was founded in 1989 and is based in Norwich, United Kingdom.

Buy -
Mergr

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