New Source Energy Partners LP (NYSE: NSLP) has acquired MCE LP for $43.6 million.
MCE is an oilfield services company that specializes in the drilling safety and completion processes. New Source is also buying MCE’s general partner, MCE GP LLC.
The purchase price works out to $3.8 million in cash and about 1.85 million New Source common units.
Oklahoma City-based New Source is an energy company that focuses on developing onshore oil and liquids-rich projects in east-central Oklahoma. The deal allows New Source to expand its capabilities beyond just oil and gas.
Buyers have been flocking the oil and gas services companies lately. In November, private equity firm Bregal Partners formed a company, Aqua Terra Water Management LP, which will provide water management and disposal service to oilfield customers. Also in November, Dover Corp. (NYSE: DOV) closed a deal for Finder SpA, a company that makes pumps for the oil and gas industry.
For more on oilfield safety, see "Pipeline Protectors."