Troutman Pepper Locke advised Citadel Casing Solutions, LLC (Citadel), a leading provider of differentiated downhole technologies renowned for driving efficiency and performance in the oil and gas sector, in its sale to Innovex International, Inc. (Innovex), a Houston-based company that designs and manufactures products to support upstream onshore and offshore activities worldwide.
The investment aligns with Innovex’s merger and acquisitions framework, including its focus on single-use, highly engineered products. The transaction values Citadel at approximately 3.8x LTM Adjusted EBITDA and is 8% accretive to Innovex’s EPS. Innovex anticipates realizing approximately $2 million of cost synergies within three months and further long-term synergies as the business is fully integrated.
The Troutman Pepper Locke team that advised Citadel was led by Greg Heath and included Jeff McPhaul, Buddy Sanders, Mark Backofen, Michelle Gutierrez-Begin, Shumaila Dhuka, Mackenzie Purvis, and Lauren Richter.