KPS-backed Lufkin Industries completed the acquisition of rod lift business of Schlumberger.

KPS-backed Lufkin Industries, an American manufacturing company, completed the acquisition of rod lift business of Schlumberger, an oilfield services company. Financial terms were not disclosed. “We are excited to combine Lufkin and Schlumberger’s Rod Lift Business, which together have an unparalleled reputation for reliability, superior technology, innovation, customer service and global footprint. KPS Partner Ryan Baker, leveraging KPS’ significant capital resources and global platform, is successfully leading a team that is building Lufkin through the acquisition of complementary businesses, technologies and products that serve the upstream sector of the energy business. KPS is committed to expanding the Lufkin platform despite unprecedented volatility in the energy business, which will benefit customers of Lufkin and Schlumberger’s Rod Lift Business," Michael Psaros, KPS Co-Founder and Co-Managing Partner.