Graco to acquire the Fishing & Rental division of Gravity Oilfield Services.

Graco, a provider of a full range of well remediation services, agreed to acquire the Fishing & Rental division of Gravity Oilfield Services, a provider of energy infrastructure services. Financial terms were not disclosed. The acquisition will substantially increase Graco's offering in the Permian Basin as well as add a new presence to the Southeastern US via the Tuscaloosa Basin of Mississippi. "I'm excited to acquire such a formidable competitor and look forward to building upon the legacies of our two companies. The joining of these two companies will not only bring the skill and extensive fishing and rental knowledge to the forefront for all of our customers but will also provide additional market access to one of the most prolific oil and gas basins in the US," Jon Rambo, Graco President.