Citadel Casing Solutions Transfers to Innovex International
Deal News | Jun 09, 2025 | Troutman Pepper Locke, LLP
Troutman Pepper Locke, LLP advised Citadel Casing Solutions in its sale to Innovex International. Citadel, known for its downhole technology solutions in the oil and gas sector, was valued at approximately 3.8x LTM Adjusted EBITDA in the transaction. The acquisition aligns with Innovex's focus on single-use, highly engineered products and is expected to be 8% accretive to Innovex's earnings per share. Additionally, Innovex aims to realize about $2 million in cost synergies within three months and anticipates more synergies as the integration progresses. The deal reflects Troutman Pepper Locke's continued prowess in handling strategic transactions, with the legal team led by Greg Heath and consisting of several other key members.
Sectors
- Oil & Gas
- Mergers & Acquisitions
- Legal Services
Geography
- United States – Both Citadel Casing Solutions and Innovex International are based in Houston, Texas, USA.
Industry
- Oil & Gas – The article is centered around companies providing and acquiring technology solutions for the oil and gas sector.
- Mergers & Acquisitions – The primary focus is on the acquisition deal between Citadel Casing Solutions and Innovex International.
- Legal Services – Troutman Pepper Locke is involved as the legal advisor for the transaction.
Financials
- 3.8x LTM Adjusted EBITDA – Valuation multiple for Citadel Casing Solutions in the transaction.
- 8% accretive – The impact of the acquisition on Innovex's earnings per share.
- $2 million – Projected cost synergies anticipated by Innovex post-acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Citadel Casing Solutions, LLC | Target | Company | A leading provider of downhole technology in the oil and gas sector. |
| Innovex International, Inc. | Buyer | Company | A Houston-based company that designs and manufactures products for upstream activities in the oil and gas industry. |
| Troutman Pepper Locke, LLP | Legal Advisor | Company | Provided legal advisory services for Citadel in the transaction. |
| Greg Heath | Lead Advisor | Person | Led the Troutman Pepper Locke legal team advising on the deal. |
| Jeff McPhaul, Buddy Sanders, Mark Backofen, Michelle Gutierrez-Begin, Shumaila Dhuka, Mackenzie Purvis, Lauren Richter | Support Advisors | People | Part of the Troutman Pepper Locke team handling the transaction. |