Flotek Industries Inc. has closed on the acquisition of International Polymerics Inc. (IPI), and affiliates.
Flotek paid approximately $7.9 million in cash and issued approximately 248,000 shares of common stock as consideration for the acquisition.
IPI is based in Dalton, Georgia with a distribution center in Monahans, Texas and is one of the largest domestic suppliers of natural polymers, including guar, to the oil and gas industry. IPI was founded by Donald Bramblett, a leading expert of natural polymers and the development of guar applications in the energy and textile trades. IPI's proprietary guar processing systems have provided high-quality guar powder and slurry to oil and gas clients for nearly a decade in nearly every producing basin in the United States.
Donald Bramblett will remain the president of IPI and will report to Josh Snively, executive vice president of Flotek who oversees the company's chemistry manufacturing efforts.
The transaction officially closed on July 27.