A recently-announced transaction posed a win-win situation for DistributionNOW and its newly-acquired pump fabrication company Odessa Pumps, the Odessa American reports. DistributionNOW CEO Robert Workman said the acquisition will allow the company to expand its services further, while Odessa Pumps co-owners Toby and Sondra Oeff say will offer security and aid their business during the downturn.
Although the exact terms of the transaction have not been released, Odessa Pumps will retain all of its 300 employees, including the Oeffs, who plan to stay on board under new ownership.
“Even in a down market like this, they were just very, very persuasive in trying to get us to align with them,” Toby Eoff told the Odessa American. “I don’t think we could put it in any better hands.”
Mr. Oeff said more than 100 companies have made offers for purchase in recent years, but he said the security of his family, both at home and at work, as well as a near-death boating accident nudged him towards the sale.
Leaders from DistributionNOW, an offshoot of Houston-based oilfield equipment designers National Oilwell Varco look forward to the potential growth the acquisition will allow.
“The addition of Odessa Pumps and Equipment not only offers DistributionNow the ability to expand our products and services offerings to our key energy customers in areas where both firms currently operate, but also gives us the opportunity to leverage Odessa Pumps’ business model, expertise and manufacturer relationships within the extensive DNOW infrastructure not currently serviced by Odessa Pumps to grow our customer participation organically.”