Firm News June 9, 2025
Troutman Pepper Locke Advises Citadel Casing Solutions in Sale to Innovex International
HOUSTON – 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. For more information, read the press release.
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.
Consistently recognized as a top-tier practice, Troutman Pepper Locke’s corporate attorneys regularly handle strategic deals for Fortune 100 corporations and middle market transactions for private equity clients. Core areas of service include mergers and acquisitions, corporate finance, corporate governance, securities laws compliance, capital markets transactions, and other significant domestic and cross-border transactions, as well as general corporate counseling.
Troutman Pepper Locke
Troutman Pepper Locke helps clients solve complex legal challenges and achieve their business goals in an ever-changing global economy. With more than 1,600 attorneys in 30+ offices, the firm serves clients in all major industry sectors, with particular depth in energy, financial services, health care and life sciences, insurance and reinsurance, private equity, and real estate. Learn more at troutman.com.
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