KPS Capital Partners completed the acquisition of Lufkin rod lift solutions unit from Baker Hughes.

KPS Capital Partners completed the acquisition of the Lufkin rod lift solutions unit of Baker Hughes, a General Electric subsidiary company. Financial terms were not disclosed. Completion of the transaction is expected mid-year 2020 and is subject to customary closing conditions and approvals. Upon close, the transaction will transfer assets of the Lufkin rod lift business to an affiliate of KPS, including brand rights, facilities, intellectual property and personnel. Lufkin's power transmission business will remain part of the Baker Hughes portfolio and is not included in the transaction with KPS. "We are excited to create an independent Lufkin. KPS will build a successful energy platform on the foundation of Lufkin's legendary brand name, unparalleled reputation for reliability, superior technology and global footprint. Lufkin will benefit from being a debt-free business with access to the very significant financial resources of KPS," Michael Psaros, KPS Co-Founder and Co-Managing Partner.