Oil States Takes Helm at Mountain West
Oil States' subsidiary, PTI Group USA, under the terms of a definitive asset purchase agreement purchased all of the operating assets of Mountain West Oilfield Service and Supplies and Ufford Leasing. For the twelve months ended November 30, 2010, Mountain West generated approximately $24 million of revenues. Total consideration consisted of $43 million in cash, an earnout agreement and a $4 million promissory note. Cash consideration was funded under Oil States credit facility. Any payments under the earnout agreement will be determined by the EBITDA generated by the business during the three years subsequent to the transaction closing date.
"The addition of Mountain West complements and expands our existing accommodations offering in growing markets in the United States," stated Cindy B. Taylor, Oil States' president and chief executive officer. "We are excited about the addition of the Mountain West team and look forward to for their future contributions to our accommodations business."