Houston-based Allis-Chalmers Energy, a global energy services company, last week announced the acquisition of Broussard, La.-based Petro Rentals, which specializes in providing wire line services and equipment, drilling equipment, land and offshore pumping services and coiled tubing support equipment.
Petro Rentals has branches in Houma and Arcadia, La., and Alvin, Texas.
Allis-Chalmers acquired the company for $29.8 million in cash, which includes the payment of about $9.5 million of debt, and 246,761 shares of Allis-Chalmers common stock. Based on Petro Rentals’ unaudited financial statements, Petro Rentals’ EBITDA for the eight-month period ended August 31, was about $4.9 million.
Earlier this year, Allis-Chalmers acquired Specialty Rental and Rogers Oil Tool Services, both based in Lafayette, La.