Dover acquires Accelerated Companies in multimillion dollar deal
Global manufacturer Dover has announced its acquisition of Accelerated Companies, a supplier of artificial lift and fluid handling solutions to oil and gas production markets, for a purchase price of $430 million (€338.6 million), subject to a customary adjustment for working capital.
Headquartered in The Woodlands, Texas, Accelerated's core offerings include electric submersible pumps (ESP), hydraulic jet pump systems, gas lift systems, surface pumping and modular process systems for filtration, separation, heating and other fluid handling operations. Accelerated will become part of Dover Artificial Lift, a business unit within Dover's Energy segment.
Accelerated's offerings in ESP and jet pump technologies complement Dover Artificial Lift's position in systems, components and automation for rod lift, gas lift, plunger lift, progressing cavity pump applications and surface production.
The acquisition puts Dover in a position within the US shale well development market.
Accelerated's 2014 revenue is estimated to be approximately $225 million. Dover expects this acquisition to be approximately $0.03 dilutive to fourth quarter 2014 continuing earnings per share due to normal transaction-related costs, including purchase accounting amortization. In 2015, Accelerated is expected to be $0.05 to $0.06 accretive to continuing earnings per share.