Lafayette firm buys oil service group
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RedHawk Energy Corp., the Lafayette-based oilfield service company, has bought Houston-based Xxtreme Group, for $66 million, RedHawk officials said today.
RedHawk founder Darcy Klug said the acquisition fits the company’s strategy of investing in domestic oil and gas equipment manufacturing, leasing and service companies. The $66 million purchase represents cash, preferred stock and assumed debt. In the deal, RedHawk acquired Xxtreme Pipe Services LLC, Xxtreme Pipe Storage LLC, Xxtreme Tubular Processors LLC and Wolf Pack Rentals LLC, all part of the Xxtreme Group.
With about 180 employees, Xxtreme Group posted $36 million in 2008 revenue and $11 million in net income. Through September, Xxtreme posted 2009 revenue of $20.5 million, down from $25 million in the first three quarters of 2008. Earnings for that period fell to $4.2 million this year from $7.3 million a year ago.
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