Dril-Quip completed the acquisition of Great North Wellhead from Industrial Growth Partners for $80m.

Dril-Quip, a developer, manufacturer, and provider of highly engineered equipment, service, and innovative technologies, completed the acquisition of Great North Wellhead, a provider of mission-critical wellhead products and well-completion solutions, from Industrial Growth Partners, a private equity firm, for $80m. "We are excited to welcome Great North to the Dril-Quip team. Great North has a talented employee base that brings a wealth of expertise and a solid reputation for delivering technologically different products to a diverse base of blue-chip clients. This acquisition marks a milestone in our mission to expand our Well Construction portfolio and we are excited for the growth opportunities that lie ahead. Our clients' satisfaction will remain our top priority; combining Great North's differentiated product offering with Dril-Quip's extensive footprint brings many benefits to our valued clients. In addition, this transaction will be immediately accretive to our shareholders in terms of returns on invested capital, adjusted EBITDA, and free cash flow," Jeff Bird, Dril-Quip President and CEO.