One of the largest distributors of energy and industrial products worldwide, NOW Inc. announced on Monday the close of its acquisition of Challenger Industries Inc., a leading pipe, valve and fittings supplier.
Terms of the all-cash transaction have not been disclosed.
"We are happy to welcome Challenger's employees to the DistributionNOW family and pleased that this acquisition will further enhance our services and proudct offerings to our downstream, midstream and upstream customers," said Robert Workman, president and chief executive officer of NOW Inc. "As mentioned on the earnings call earlier this week, we plan to focus on larger, accretive targets, in the strategic product lines and geographies where we operate, which will strengthen our ability to better serve our customers and create value for our stockholders.”
With a legacy of more than 150 years in the industry, NOW primarily operates under its DistributionNOW and Wilson Export brands. The company employs about 5,000 employees worldwide at about 300 locations.
NOW's product line includes solutions for exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.
Challenger Industries, with about 160 employees, manages about 11 sales and operations locations in the U.S.