McCoy Global Acquires DrawWorks For US$6 Million
Edmonton-based McCoy Global Inc. has advanced its digital technology strategy with the acquisition of DrawWorks LP.
On Wednesday, the company announced it had acquired all outstanding units of the DrawWorks, which designs, tests and sells tubular running technologies including a patented line of mud handling equipment.
Total consideration for the acquisition was US$6 million, of which US$1.5 million was financed through vendor take-back consideration payable in equal quarterly installments over 18 months, bearing interest at 5.25 per cent.
Jim Rakievich, McCoy president, said the company plans to integrate its data-driven technology platform with DrawWorks’s equipment offerings and market them to customers globally.
The production of DrawWorks’s technologies will be fully integrated into McCoy’s existing production footprint.