HOUSTON, June 15 — Innovex International, Inc. (NYSE: INVX) (the “Company” or “Innovex”) is pleased to announce that it has signed an agreement to acquire TCO Group AS (“TCO”) in a cash and stock transaction valued at $95 million. The transaction is expected to close early in the third quarter of 2026. The Company believes this investment aligns with the Company’s disciplined M&A framework, including a focus on mission critical products that share the Company’s “Big Impact, Small Ticket” value proposition.
For the year ended December 31, 2025, TCO had net income of approximately $12 million and Adjusted EBITDA1 of approximately $18 million. The transaction values TCO at approximately 5.4x TCO’s 2025 Adjusted EBITDA1 and is expected to be accretive to Innovex’s EPS.
Founded in 1999 in Voss, Norway, TCO pioneered the development of the intervention-free laminated glass plug, revolutionizing well operations by eliminating the need for fishing operations.
“We are excited to announce the acquisition of TCO Group,” said Adam Anderson, CEO of Innovex. “Robert and the TCO team have built an outstanding company with differentiated technologies, strong customer relationships, and an impressive track record of execution.
The acquisition is highly aligned with Innovex’s strategy of assembling a portfolio of market-leading, capital-efficient products that are essential to our customers’ operations. It also strengthens our presence in Norway and the UAE, two important markets where we see significant long-term opportunity. We believe there is significant opportunity to accelerate the growth of the TCO technology and business by leveraging Innovex’s established presence and customer relationships in key markets around the world.
We are pleased to welcome the entire TCO team to Innovex and look forward to creating value for our customers, employees, and shareholders, together.”
“We are energized to continue our growth under the Innovex name,” said Robert Abercrombie, CEO of TCO. “TCO brings technology depth, great talent and proven execution rooted in Norway. Innovex has a broad complementary portfolio and brings scale and reach globally. Together, this creates a much stronger platform for us to continue to redefine well technology and enable our customers to deliver efficient wells.”
“The acquisition of TCO fits squarely within our M&A framework,” said Kendal Reed, CFO of Innovex. “We believe 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. We expect this acquisition to drive ROCE2 well in excess of idle balance sheet cash, improving long-term returns for our shareholders.”