CE Franklin has acquired a Western Canadian oilfield equipment distributor (the "Acquired Business"). The transaction will be financed from existing bank credit facilities.
The Acquired Business operates 22 oilfield equipment supply stores across the Western Canadian Sedimentary Basin of which 17 locations are proximate to existing CE Franklin supply stores and will be integrated. The remaining 5 locations will extend the market reach of CE Franklin's distribution network to 49 locations. The Acquired Business is expected to increase CE Franklin's annual revenue by more than 10% from current levels.
"This acquisition will strengthen CE Franklin's existing store operations and expand its market reach while improving our service capability, operating efficiencies and customer base," stated Michael West, President and Chief Executive Officer.
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