Dover acquires Accelerated Companies

Dover announced that it has acquired Accelerated Companies (Accelerated), a leading supplier of artificial lift and fluid-handling solutions to oil and gas production markets, for a purchase price of US$ 430 million.

Dover Artificial Lift

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. With this acquisition, Dover establishes a leading position in the US shale well development market and is positioned for future growth in domestic and international markets.

Comments

Commenting on the acquisition, Dover President and CEO, Robert A. Livingston, said: “We are excited about the acquisition of Accelerated. The technology Accelerated brings to our portfolio, combined with our existing rod lift products, allows us to offer our customers the right artificial lift solutions for the complete life of their wells. Accelerated’s strong double-digit growth over the past few years has been driven by the company’s culture of innovation and customer engagement. Together, Dover Artificial Lift and Accelerated are very well positioned to capitalize on strong production market dynamics.”

Soma Somasundaram, President and CEO of Dover’s Energy segment, added: “The acquisition of Accelerated will allow us to benefit from the emerging North American trend of installing ESP systems early in the well completion cycle of high flow unconventional oil wells. With Accelerated, Dover will not only participate in the fastest growing segment of the artificial lift market, but we will also establish an earlier touch point with our customer. Overall, the products, service presence and talent mix Accelerated brings will help us better serve our customers.”

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/03102014/dover-expands-artificial-lift-product-portfolio-1557/