Calumet Specialty Products Partners LP closed its divestiture of Anchor Drilling Fluids USA LLC for about $84 million, as it continues to trim its resources to focus on the core specialty products business.
The drilling fluid products provider was sold to Q'Max Solutions Inc. subsidiary Q'Max America Inc. in exchange for $50 million in cash, an additional $15 million to be paid over the next two years for items such as working capital, and a 10% ownership interest in Fluid Holding Corp., Q'Max's parent company, according to a Nov. 21 news release. The proceeds would be used to lower Calumet's leverage profile and for general partnership purposes.
"The merger of Q'Max and Anchor Drilling Fluids will create the largest independent drilling fluids company in the United States," said Tim Go, CEO of Calumet.
Raymond James was the financial adviser to Calumet and Taft Stettinius & Hollister LLP served as the legal adviser for the deal.