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New Deal


Announced

Completed

NGP Energy-backed Covenant completed the merger with Stuart Pressure Control.

Financials

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Transaction Value-
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Private

Oil Equipment and Services

Completed

Majority

Single Bidder

United States

Merger

Friendly

pressure control

Private Equity

Synopsis

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NGP Energy-backed Covenant Testing Technologies, a construction company that provides services such as flowback and well testing, completed the merger with Stuart Pressure Control, which offers a complete pressure control package for unconventional oil and gas development. Financial terms were not disclosed. "By combining our people, assets and systems in accordance with our core values and safety culture, the combined company will deliver superior equipment and service to the well site from frac to production. With our expanded service offerings, our competitiveness in each business line will increase and enable us to be more efficient and cost-effective for our customers,“ Jim Burtner, Covenant President and CEO.

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