Innovex Expands Platform With Acquisition of Citadel Casing Solutions
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Innovex International has completed the acquisition of Citadel Casing Solutions, leveraging its unique, energy industrial platform.
Founded in 2016 by a team of industry experts, Citadel is a leading provider of differentiated downhole technologies which are designed to improve its customers’ economics by driving reduced cycle times through improved operational efficiencies.
“We are excited to add another strong team and complementary set of products to Innovex’s portfolio. Citadel has successfully grown its business through-cycle by adhering to a culture which is in line with our ‘no-barriers’ approach,” said Adam Anderson, CEO of Innovex.
“Citadel’s products drive efficiencies by reducing cycle times, and its TrenchFoot™ Wet Shoe technology increases reservoir access resulting in increased production for our customers. As a result of its technology centric approach, Citadel has outgrown the market over the last few years, and we expect this to continue over the next few years. This acquisition bolsters our leadership position in the cementing tool market in U.S. land and supports our efforts to grow market share in the offshore and international markets,” added Anderson.
“We are excited to accelerate our growth under the Innovex banner by tapping into its broad, complementary product portfolio and geographical exposure,” said Todd Stair, CEO of Citadel.
“The combination of our teams and technologies will enhance our ability to help operators deliver efficient wells, furthering our like-minded mission to help bring reliable and affordable energy to the world,” added Stair.
“The acquisition of Citadel fits perfectly within our M&A framework. Citadel’s portfolio of products has allowed it to achieve rapid, profitable growth while delivering exceptional returns on capital. We were able to acquire Citadel at a favorable multiple and strong acquisition-level returns even before considering revenue and cost synergies,” said Kendal Reed, CFO of Innovex.
Innovex International is a Houston-based company established in 2024 following the merger of Dril-Quip and Innovex Downhole Solutions. Its comprehensive portfolio extends throughout the lifecycle of the well; and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering cost, and reducing the rig site service footprint for the customer. With locations throughout North America, Latin America, Europe, the Middle East and Asia, their team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service.
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