MHWIRTH ACQUIRES BRONCO MANUFACTURING FOR $31.5 MILLION
MHWirth AS based in Kristiansand, Norway, has entered into agreements with Bronco Holdings LLC for the effective purchase of 100% ownership interests in Bronco Manufacturing LLC for a total consideration of USD 31.5 million (the “Transaction”). The agreements are formally entered into through MHWirth’s US subsidiary, MHWirth Inc.
Bronco is a leading provider of critical aftermarket solutions and products to the global onshore and offshore drilling market.
MHWirth’s aim is to increase Bronco’s market share globally through utilizing MHWirth’s established offshore relationships and to strengthen the position in the US onshore market by leveraging the relationships of MHWirth’s new management team. By utilizing the competencies and supply chain of Bronco, MHWirth also sees potential on current MHWirth equipment, as well as the potential to re-engineer relevant equipment to make it more suitable for onshore applications.
In addition to this, Bronco will strengthen MHWirths’s presence in North America and increase local manufacturing capabilities in the Houston region.
Max Mantooth, CEO & Co-Founder of Bronco Manufacturing, said:
“I and all of my employees are extremely excited to join with Pete Miller and the entire MHWirth team. We feel that MHWirth provides us with the chance to expand our sales and customer base worldwide, land and offshore. The MHWirth Executive Management Team has an incredible track record of growth, one that fits the vision I have had for this company for a number of years.”
Eirik Bergsvik, CEO of MHWirth, said:
“I am pleased that we have been able to make this deal happen. This acquisition is an important part of our strategy, as announced when our Chairman Pete Miller joined earlier this year, and it will contribute in the growth of our aftermarket and repair business. We hope to be able to quickly expand the Bronco business.”
Closing of the Transaction took place simultaneous with the effective signature of the agreements. Bronco will be consolidated into MHWirth Segment in Akastor Group.
(Source: MHWirth – Image: Bronco draworks)
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