Actuant To Acquire FourQuest Energy Assets For $60 Million

Actuant Corporation (NYSE: ATU), a diversified industrial company, announced on Wednesday it has reached an agreement to acquire the the business and assets of the Middle East, Caspian and North Africa division of FourQuest Energy ("FourQuest MENAC").

FourQuest Energy is a Canadian-based private company that offers mechanical pre-commission, commissioning, and scheduled maintenance and shutdown events.

FourQuest MENAC holds a leading position in the provision of pipeline and process services. The company has agreed to pay $60 million to acquire the business which generated approximately $25 million in revenue throughout 2015.

"FourQuest MENAC's services are highly complementary to our existing Hydratight offering and this acquisition enhances our position as a leader of integrity and maintenance services in the energy space – one of Actuant's four macro growth markets," said Brian Kobylinski, Executive Vice President, Energy Segment & China. "The ability to provide a bundled offering of maintenance capabilities will allow us to deliver enhanced value to our customers, along with the ability to globalize FourQuest MENAC's service offering throughout Hydratight's footprint With an expanded pool of highly trained technicians, we expect this service line will generate meaningful growth over time."

Shares of Actuant were trading higher by 0.37 percent late Thursday morning.