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Calumet Specialty Products Partners LP Message Board

  • budfoxtrading budfoxtrading Mar 26, 2014 8:09 AM Flag

    Calumet Specialty Products (CLMT) to Acquire ADF Holdings in $235M Deal

    Calumet Specialty Products Partners, L.P. (Nasdaq: CLMT) has entered into a definitive agreement to acquire ADF Holdings, Inc., the parent company of Tulsa, Oklahoma-based Anchor Drilling Fluids USA, Inc. ("Anchor") on a debt-free basis for total cash consideration of approximately $235 million, subject to customary purchase price adjustments. Calumet expects to close the acquisition of Anchor by March 31, 2014, subject to customary closing conditions.

    Privately-held Anchor, established by Bob and Phil West in 2005, is a leading independent provider of drilling fluid solutions, completion fluids and production chemicals to the oil and gas industry with more than 30 manufacturing, mixing, storage and distribution facilities in 13 states. Anchor designs, manufactures and sells its products to approximately 250 exploration and production ("E&P") companies operating in some of the most active conventional and unconventional oil and gas resource plays in North America, including the Bakken, Barnett, Eagle Ford, Fayetteville, Granite Wash, Haynesville, Marcellus, Niobrara, Permian, Piceance, Uinta and Utica.

    Anchor develops custom formulations and innovative solutions based on unique customer and well specifications. Through its extensive line of drilling and completion fluids, Anchor delivers solutions that reduce drilling and completion time, help to control reservoir formation pressures and maximize oil and gas production, contributing to improved well economics for end-users.

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