Innovex to Acquire TCO Group in $95 Million Well Technology Deal

Innovex International Inc. agreed to acquire Norway-based TCO Group AS in a cash-and-stock transaction valued at approximately $95 million, the company announced. The transaction is expected to close early in the third quarter of 2026. Founded in 1999 and headquartered in Voss, Norway, TCO is a global provider of well completion and tubing-conveyed perforating technologies known for pioneering intervention-free laminated glass plug technology. For the year ended December 31, 2025, TCO generated approximately $12 million in net income and approximately $18 million in adjusted EBITDA. The purchase price implies a valuation multiple of roughly 5.4 times adjusted EBITDA. Innovex Chief Executive Officer Adam Anderson said the company is excited to announce the acquisition of TCO Group and that Robert and the TCO team have built an outstanding company with differentiated technologies, strong customer relationships, and an impressive track record of execution. Innovex Chief Financial Officer Kendal Reed said the acquisition fits squarely within the company's M&A framework and that TCO's portfolio of differentiated Big Impact, Small Ticket products has allowed it to achieve a strong market position in key international and offshore markets while delivering excellent margins and cash flow. TCO Chief Executive Officer Robert Abercrombie said the combination creates opportunities to expand the company's technology reach while continuing its focus on solving complex well challenges.