NOW Inc. to acquire Power Service
NOW Inc. has entered into an agreement to purchase Power Service Inc.
Terms of the all-cash transaction were not disclosed.
Founded in 1954, Power Service provides rotating and process equipment engineering, design, installation, fabrication and service solutions. It operates in 14 locations throughout Wyoming, Colorado, Utah, Montana, North Dakota, New Mexico, Oklahoma and Texas. Power Service employs approximately 400 employees.
“We are excited about the opportunity to add Power Service’s business to DistributionNOW," said Robert Workman, president and CEO of NOW Inc. "With their established position in the Oil & Gas turnkey tank battery solutions market, Power Service would provide a number of attractive synergies for DNOW. Similar to our previous large acquisitions since going public, Power Service would provide us with a unique, high value add solution for our existing customer base.”