Now Inc. has closed its agreement with GR Energy Services, a portfolio company of Pine Brook, to acquire substantially all of the assets used in connection with its Flex Flow business, predominantly relating to the rental, sale and service of surface mounted and trailer mounted horizontal pumps, including jet pump systems.
Toby Eoff, president of process solutions at Now, said, “It is my belief that the combination of these two organizations, with a shared focus on the customer being priority one and investing in and supporting our employees, will create greater value for our customers and elevate DistributionNow into the leading pump supplier of choice. We are happy to welcome the Flex Flow employees to the DistributionNow family.”
Peter Goode, co-founder and chairman of GR Energy Services, added, “I thank the management and staff of Flex Flow for their contribution to the growth of the GR Energy Services business over the past five years. I wish them all the best in the next chapter of the evolution of the Flex Flow business. I am confident that the expanded opportunities available to them at DistributionNow will enable them to continue to build their business while providing them with expanded career opportunities.”
David Cherechinsky, president and CEO of Now, commented, “This acquisition meets the criteria we have set for inorganic investment: it bolsters and further differentiates DistributionNow in non-commoditized customer solutions, strengthens and broadens process solutions in the fluid handling space, enhances our offering in the midstream markets, and provides enhanced gross margins and Ebitda flow-through dynamics. I also believe the Flex Flow business will benefit from our DigitalNow innovation investments. I am excited to introduce the customer-enticing complementary benefits this new venture provides.”