Stewart & Stevenson Announces Acquisition of Crown Energy Technologies
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HOUSTON, Feb. 27 -- Stewart & Stevenson LLC announced today the acquisition of substantially all of the assets of Crown Energy Technologies, Inc. and subsidiaries. The purchase price was not disclosed.
Headquartered in Calgary with multiple U.S. operations, Crown is a leading manufacturer of drilling, well servicing and workover rigs, and stimulation equipment. It has 1100 employees and had sales of approximately U.S. $240 million in the last twelve months.
"We are very pleased with the acquisition of Crown," said Robert L. Hargrave, CEO of Stewart and Stevenson. "As a result of this acquisition, Stewart & Stevenson will be the largest provider of well stimulation equipment in North America. This acquisition will also broaden our product range into the manufacture of drilling, workover and well servicing rigs and expand our capabilities in the production of coil tubing equipment."
"We are excited that Crown will have the opportunity to contribute leading edge technology and products into a much larger and diverse organization that is a world leader in its services to the oil and gas industry," said Rance Fisher, Founder, CEO and President of Crown. "This will significantly facilitate Crown's future growth and expansion."
Crown operations in Canada will be owned and operated by Stewart & Stevenson Canada Inc.
Mr. Michael Hauser was named as General Manager and Mr. Rance Fisher as its Non-Executive Chairman.
Stewart & Stevenson LLC is a leading designer, manufacturer and marketer of specialized equipment, and parts and services to the oil and gas and other industries. Product offerings include equipment for well stimulation, coiled tubing, cementing, nitrogen pumping, power generation and electrical systems as well as engines, transmissions and material handling equipment.
Source: Stewart & Stevenson LLC
CONTACT: Jeff Merecka, Chief Financial Officer, +1-713-751-2715
