COSTA MESA, Calif. (March 05, 2009) - Lufkin Industries, Inc. (Nasdaq: LUFK), a global supplier of oil field and power transmission products, has acquired International Lift Systems LLC, a manufacturer of artificial lift systems. Transaction terms were not disclosed.
McGladrey Capital Markets LLC initiated the transaction, led the negotiations and acted as the exclusive financial advisor to International Lift Systems.
“This transaction enables Lufkin to gain access to the fast growing and highly technical artificial lift and pump systems market worldwide," said Michael Parham, managing director of the firm’s Energy Services Group.
"Negotiations took some interesting turns amid the recent volatility in equity and oil prices over the last few months, but management of both firms were able to successfully agree on terms,” said Parham. "This transaction demonstrates the firm's bullish view on M&A in the lift and pumps sector and our ongoing, broader commitment to the energy services segment over the long term."
About Lufkin Industries
Lufkin Industries, Inc. (www.lufkin.com), based in Lufkin, Texas, sells and services oilfield pumping units, foundry castings and power transmission products throughout the world. The company has vertically integrated all vital technologies required to design, manufacture and market its products.
About International Lift Systems
International Lift Systems LLC (www.internationalliftsystems.com), based in Houston, Texas, is a manufacturer of artificial lift systems serving oil and gas companies. The company designs, engineers, manufactures, installs and services gas lift systems, plunger lift systems and completion equipment.
About McGladrey Capital Markets
McGladrey Capital Markets LLC (www.mcgladreycm.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm’s services include mergers, acquisitions, divestitures, recapitalizations, capital raising, fairness opinions and restructurings. McGladrey Capital Markets, which offers in-depth expertise in 13 distinct industry sectors, brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
McGladrey Capital Markets is affiliated with RSM McGladrey Inc., a professional services firm providing accounting, tax and business consulting. Both firms are indirect subsidiaries of H&R Block Inc. (NYSE: HRB), the world’s preeminent tax services provider.
McGladrey Capital Markets is also a member of RSM International, a worldwide network of professional services firms. McGladrey Capital Markets’ international headquarters are located in Costa Mesa, Calif. It also has offices in Chicago, Boston, Dallas, New York and London. The firm is a member of FINRA and SIPC.
CONTACT:
McGladrey Capital Markets LLC
Kelly Osborne, Vice President
714.327.8880
kosborne@mcgladreycm.com