Latest news with #AdamAnderson
Yahoo
4 days ago
- Business
- Yahoo
Innovex Expands Platform With Highly Accretive Acquisition of Citadel Casing Solutions
HOUSTON, June 02, 2025--(BUSINESS WIRE)--Innovex International, Inc. (NYSE: INVX) (the "Company" or "Innovex") is pleased to announce that it has completed the acquisition of Citadel Casing Solutions, LLC ("Citadel"), leveraging its unique, energy industrial platform. This investment meets all the criteria of the Company's disciplined M&A framework, including a focus on single-use, highly engineered products that share the Company's "Big Impact, Small Ticket" value proposition. Founded in 2016 by a team of industry experts, Citadel is a leading provider of differentiated downhole technologies which are designed to improve its customers' economics by driving reduced cycle times through improved operational efficiencies. The acquisition is financially attractive even prior to expected synergies. The transaction values Citadel at approximately 3.8x LTM Adjusted EBITDA1 and is 8% accretive to Innovex's EPS2. Innovex anticipates realizing approximately $2 million of cost synergies within 3 months and anticipates further synergies longer term as the business is fully integrated. "We are excited to add another strong team and complementary set of products to Innovex's portfolio," said Adam Anderson, CEO of Innovex. "Citadel has successfully grown its business through-cycle by adhering to a culture which is in line with our 'No-Barriers' approach. Citadel's products drive efficiencies by reducing cycle times, and its TrenchFoot™ Wet Shoe technology increases reservoir access resulting in increased production for our customers. As a result of its technology centric approach, Citadel has outgrown the market over the last few years, and we expect this to continue over the next few years. This acquisition bolsters our leadership position in the cementing tool market in US Land and supports our efforts to grow market share in the offshore and international markets." "We are excited to accelerate our growth under the Innovex banner by tapping into its broad, complementary product portfolio and geographical exposure," said Todd Stair, CEO of Citadel. "The combination of our teams and technologies will enhance our ability to help operators deliver efficient wells, furthering our like-minded mission to help bring reliable and affordable energy to the world." "The acquisition of Citadel fits perfectly within our M&A framework," said Kendal Reed, CFO of Innovex. "Citadel's portfolio of Big Impact, Small Ticket products has allowed it to achieve rapid, profitable growth while delivering exceptional returns on capital. We were able to acquire Citadel at a favorable multiple and strong acquisition-level returns even before considering revenue and cost synergies. Importantly, the transaction is highly accretive to our earnings and cash flow per share. Given our strong balance sheet and cash flow generative business model, we were able to acquire Citadel in an all-cash transaction while maintaining an extremely conservative leverage profile and an active corporate buyback program. We expect this acquisition to drive ROCE3 well in excess of idle balance sheet cash, improving long-term returns for our shareholders." Advisors Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Innovex. Piper Sandler served as exclusive financial advisor to Citadel, and Troutman Pepper Locke LLP served as Citadel's legal advisor. About Innovex Innovex International, Inc (NYSE: INVX) is a Houston-based company established in 2024 following the merger of Dril-Quip, Inc and Innovex Downhole Solutions. Our comprehensive portfolio extends throughout the lifecycle of the well; and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering cost, and reducing the rig site service footprint for the customer. With locations throughout North America, Latin America, Europe, the Middle East and Asia, no matter where you need us, our team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service. About Citadel Founded in 2016, Citadel was established to revolutionize casing technology through continuous innovation. Citadel's high-quality, reliable downhole tools are used globally, driving efficiency and performance in the Oil and Gas sector. By combining internal R&D with strategic partnerships, Citadel remains at the forefront of technological advancements in casing solutions. Non-GAAP Financial Measures Adjusted EBITDA is a non-GAAP financial measure. Innovex defines Citadel's Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, deal costs and board retention agreements, net, further adjusted to exclude certain items which Citadel believes are not reflective of its ongoing performance or which are non-cash in nature. Citadel management used Adjusted EBITDA to assess the profitability of its business operations and to compare Citadel's operating performance to its competitors without regard to the impact of financing methods and capital structure and excluding costs that management believes do not reflect its ongoing operating performance. Adjusted EBITDA does not represent and should not be considered as an alternative to, or more meaningful than, net income or any other measure of financial performance presented in accordance with GAAP as measures of Citadel's financial performance. Innovex's computation of Citadel's Adjusted EBITDA may differ from computations of similarly titled measures of other companies. Innovex utilizes Return on Capital Employed ("ROCE") (a non-GAAP measure) to assess the effectiveness of its capital allocation over time and to compare its capital efficiency to its competitors. Innovex defines ROCE as Income from Operations, before acquisition and integration costs and after tax (resulting in Adjusted Income from Operations, after tax) divided by average capital employed. Capital employed is defined as the combined values of debt and stockholders' equity. Forward-Looking Statements Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Innovex's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "intend," "anticipate," "plan," "should," "estimate," "continue," "potential," "will," "hope" or other similar words and include the Company's expectation of future performance contained herein. These statements discuss future expectations or state other "forward-looking" information, including without limitation statements regarding the expected benefits of the acquisition. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward- looking statements can be guaranteed. These statements reflect management's expectations based on currently available information and involve significant risks, uncertainties and assumptions that may cause actual results to differ materially. Factors that may cause such differences include, but are not limited to, economic conditions and other factors noted in the Company's Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. Innovex disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release, except as may be required by law. ________________________________________ 1 Citadel's LTM Adjusted EBITDA as of 04/30/2025. Adjusted EBITDA is a non-GAAP measure. A reconciliation of Citadel's LTM Adjusted EBITDA to Citadel LTM net income, the most directly comparable financial measures presented in accordance with GAAP, is outlined in the reconciliation table accompanying this release. 2 Reflects LTM as-reported net income for both Innovex and Citadel as of 03/31/2025. The net income amount does not give effect to costs, charges, synergies, or other similar items that could result from a combined company. The share count uses Innovex's outstanding share count as of 03/31/2025. As Citadel is a passthrough entity, Citadel did not incur any income tax expenses. As a combined company, income tax expenses would be expected. Therefore, for the purpose of calculating EPS, an assumed tax rate of 21% was used. 3 Return on Capital Employed ("ROCE") is a non-GAAP measure. Innovex International, Inc. Reconciliation of Citadel's Net Income to Adjusted EBITDA (in thousands) (Unaudited) CitadelLTM April 30, 2025 Revenue $ 71,965 Net Income $ 15,098 Interest expense 513 Income tax expense - Depreciation and amortization 2,600 Other expense/income - EBITDA $ 18,212 Deal Costs 185 Board Retention Agreements 64 Adjusted EBITDA $ 18,461 Net Income (Loss) % Revenue 21 % Adjusted EBITDA Margin1 26 % Note: Figures shown above reflect unaudited results. A quality of earnings analysis was conducted to verify the figures shown. (1) Underlying calculation is not rounded. View source version on Contacts Investor Relations Contact Avinash CuddapahSr. Director – Investor Relationsinvestors@ (346) 398-0000
Business Wire
4 days ago
- Business
- Business Wire
Innovex Expands Platform With Highly Accretive Acquisition of Citadel Casing Solutions
HOUSTON--(BUSINESS WIRE)--Innovex International, Inc. (NYSE: INVX) (the 'Company' or 'Innovex') is pleased to announce that it has completed the acquisition of Citadel Casing Solutions, LLC ('Citadel'), leveraging its unique, energy industrial platform. This investment meets all the criteria of the Company's disciplined M&A framework, including a focus on single-use, highly engineered products that share the Company's ' Big Impact, Small Ticket ' value proposition. "This acquisition bolsters our leadership position in the cementing tool market in US Land and supports our efforts to grow market share in the offshore and international markets.' Founded in 2016 by a team of industry experts, Citadel is a leading provider of differentiated downhole technologies which are designed to improve its customers' economics by driving reduced cycle times through improved operational efficiencies. The acquisition is financially attractive even prior to expected synergies. The transaction values Citadel at approximately 3.8x LTM Adjusted EBITDA 1 and is 8% accretive to Innovex's EPS 2. Innovex anticipates realizing approximately $2 million of cost synergies within 3 months and anticipates further synergies longer term as the business is fully integrated. 'We are excited to add another strong team and complementary set of products to Innovex's portfolio,' said Adam Anderson, CEO of Innovex. 'Citadel has successfully grown its business through-cycle by adhering to a culture which is in line with our 'No-Barriers' approach. Citadel's products drive efficiencies by reducing cycle times, and its TrenchFoot™ Wet Shoe technology increases reservoir access resulting in increased production for our customers. As a result of its technology centric approach, Citadel has outgrown the market over the last few years, and we expect this to continue over the next few years. This acquisition bolsters our leadership position in the cementing tool market in US Land and supports our efforts to grow market share in the offshore and international markets.' 'We are excited to accelerate our growth under the Innovex banner by tapping into its broad, complementary product portfolio and geographical exposure,' said Todd Stair, CEO of Citadel. 'The combination of our teams and technologies will enhance our ability to help operators deliver efficient wells, furthering our like-minded mission to help bring reliable and affordable energy to the world.' 'The acquisition of Citadel fits perfectly within our M&A framework,' said Kendal Reed, CFO of Innovex. 'Citadel's portfolio of Big Impact, Small Ticket products has allowed it to achieve rapid, profitable growth while delivering exceptional returns on capital. We were able to acquire Citadel at a favorable multiple and strong acquisition-level returns even before considering revenue and cost synergies. Importantly, the transaction is highly accretive to our earnings and cash flow per share. Given our strong balance sheet and cash flow generative business model, we were able to acquire Citadel in an all-cash transaction while maintaining an extremely conservative leverage profile and an active corporate buyback program. We expect this acquisition to drive ROCE 3 well in excess of idle balance sheet cash, improving long-term returns for our shareholders.' Advisors Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Innovex. Piper Sandler served as exclusive financial advisor to Citadel, and Troutman Pepper Locke LLP served as Citadel's legal advisor. About Innovex Innovex International, Inc (NYSE: INVX) is a Houston-based company established in 2024 following the merger of Dril-Quip, Inc and Innovex Downhole Solutions. Our comprehensive portfolio extends throughout the lifecycle of the well; and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering cost, and reducing the rig site service footprint for the customer. With locations throughout North America, Latin America, Europe, the Middle East and Asia, no matter where you need us, our team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service. About Citadel Founded in 2016, Citadel was established to revolutionize casing technology through continuous innovation. Citadel's high-quality, reliable downhole tools are used globally, driving efficiency and performance in the Oil and Gas sector. By combining internal R&D with strategic partnerships, Citadel remains at the forefront of technological advancements in casing solutions. Non-GAAP Financial Measures Adjusted EBITDA is a non-GAAP financial measure. Innovex defines Citadel's Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, deal costs and board retention agreements, net, further adjusted to exclude certain items which Citadel believes are not reflective of its ongoing performance or which are non-cash in nature. Citadel management used Adjusted EBITDA to assess the profitability of its business operations and to compare Citadel's operating performance to its competitors without regard to the impact of financing methods and capital structure and excluding costs that management believes do not reflect its ongoing operating performance. Adjusted EBITDA does not represent and should not be considered as an alternative to, or more meaningful than, net income or any other measure of financial performance presented in accordance with GAAP as measures of Citadel's financial performance. Innovex's computation of Citadel's Adjusted EBITDA may differ from computations of similarly titled measures of other companies. Innovex utilizes Return on Capital Employed ("ROCE") (a non-GAAP measure) to assess the effectiveness of its capital allocation over time and to compare its capital efficiency to its competitors. Innovex defines ROCE as Income from Operations, before acquisition and integration costs and after tax (resulting in Adjusted Income from Operations, after tax) divided by average capital employed. Capital employed is defined as the combined values of debt and stockholders' equity. Forward-Looking Statements Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Innovex's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology including 'may,' 'believe,' 'expect,' 'intend,' 'anticipate,' 'plan,' 'should,' 'estimate,' 'continue,' 'potential,' 'will,' 'hope' or other similar words and include the Company's expectation of future performance contained herein. These statements discuss future expectations or state other 'forward-looking' information, including without limitation statements regarding the expected benefits of the acquisition. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward- looking statements can be guaranteed. These statements reflect management's expectations based on currently available information and involve significant risks, uncertainties and assumptions that may cause actual results to differ materially. Factors that may cause such differences include, but are not limited to, economic conditions and other factors noted in the Company's Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. Innovex disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release, except as may be required by law.
Daily Mail
13-05-2025
- Entertainment
- Daily Mail
Rockstar forced to pull out of upcoming anniversary shows as band release statement
A rockstar has been forced to pull out of their upcoming anniversary shows with the band releasing a statement on Monday. Hurts, consisting of singer Theo Hutchcraft and instrumentalist Adam Anderson, announced the news to Instagram just weeks before the dates. Adam explained that he will not be appearing at their gigs at O2 Academy Brixton in London on May 22 and Tempodrom in Berlin on May 24. In a statement, he shared: 'As many of you know I've been struggling with my mental health for years now. 'Sadly, due to my ongoing recovery, I have taken the very difficult decision to sit out all forthcoming HURTS shows this year and focus solely on my well-being. 'It hasn't been an easy decision but it's the right thing for me to do at this time.' Adam continued: 'I want to express my love and gratitude to Theo for his understanding and supporting me in making this decision. 'All shows will go ahead as planned with Theo taking centre stage and I couldn't be happier that they're taking place. 'You've supported me as an individual and the band for so many years and I have never taken it for granted. 'I don't want anyone to worry about me. I am doing my best to recover with a good support system around me and I look forward to getting better.' Theo added: 'I completely understand and respect his decision to step back from the live performances for health reasons. 'Adam and I have built this band together and he's given everything to it over the last 15 years. 'We're lifelong friend and partners. I'll be taking to the stage alongside the incredible Hurts band, who have been with us from the beginning. 'We'll be sure to bring the vision to life and make it a summer to remember. Whether you're in the front row or watching from afar. Love you mate x.' However, Adam has explained that he will not be appearing at their gigs and shared: 'I have taken the very difficult decision to sit out all the shows and focus solely on my well-being' Hurts announced the two anniversary shows back in October to celebrate their 2010 album, Happiness. Speaking to NME about his mental health back in 2017, Adam revealed why he chose to speak publicly about his struggles. He said: 'If you don't externalise it, then it festers inside you. The second stage was the act of allowing people to know about it.' Theo added: 'It's an illness and it's a health problem – that is something to be taken seriously. It's an emotional problem, but it's also a medical issue for a lot of people. That's a big part of it. We need to be listening to each other.'
Scotsman
13-05-2025
- Entertainment
- Scotsman
Hurts Adam Anderson confirms he will not be part of band's 15th anniversary tour
The duo are celebrating the 15th anniversary of their debut album, Happiness Sign up to our Arts and Culture newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Hurts member Adam Anderson has confirmed he will not be part of their upcoming tour dates. The member of the synthpop duo confirmed on social media he's taking time away to concentrate on his wellbeing. However, the tour dates including their London performance later this month will still go ahead with Theo Hutchcraft taking the spotlight. Hurts are set to celebrate the 15th anniversary of their debut albu m; however, their upcoming celebratory tour will feature only one member taking centre stage this year. With the group poised to perform at a series of European summer festivals throughout the year, alongside a major show at London's O2 Brixton Academy this month (May 22, 2025), group member Adam Anderson has revealed he will not be part of the upcoming tour. Advertisement Hide Ad Advertisement Hide Ad Adam Anderson has announced he will not be part of Hurt's upcoming tour dates to concentrate on his mental health and wellbeing, after posting to Instagram to confirm the news. |Posting on his Instagram account, Anderson explained that he will instead focus on improving his mental health and wellbeing, writing: 'As many of you know I've been struggling with my mental health for years now. Sadly, due to my ongoing recovery, I have taken the very difficult decision to sit out all forthcoming Hurts shows this year and focus solely on my well-being.' Anderson went on to say it wasn't an 'easy decision' but felt at this point in his life it was 'the right thing for me to do. I want to express my love and gratitude to Theo for his understanding and supporting me in making this decision. All shows will go ahead as planned with Theo taking centre stage and I couldn't be happier that they're taking place.' Advertisement Hide Ad Advertisement Hide Ad Anderson, who turns 42 on May 14, 2025, then apologized to fans, saying: 'You've supported me as an individual and the band for so many years and I have never taken it for granted.' Along with fan responses expressing respect for his decision and support for Anderson, his bandmate Theo Hutchcraft responded in a separate Instagram post, stating that he 'completely understand[s] and respect[s] the decision to step back' from the tour. 'Adam and I have built this band together and he's given everything to it over the last 15 years,' Hutchcraft wrote on his social media account. 'We're lifelong friends and partners. I'll be taking to the stage alongside the incredible Hurts band, who have been with us from the beginning. We'll be sure to bring the vision to life and make it a summer to remember. Whether you're in the front row or watching from afar. Love you mate x'. Advertisement Hide Ad Advertisement Hide Ad
Scottish Sun
12-05-2025
- Entertainment
- Scottish Sun
Rock star reveals tough decision to pull out of ALL shows for the rest of the year
He explained it was the right thing for him to do SAD NEWS Rock star reveals tough decision to pull out of ALL shows for the rest of the year A ROCK star has revealed a tough decision to pull out of all his shows for the rest of the year. The Manchester based group are due to celebrate 15 years of their debut album this summer. Advertisement 6 A Rock star has revealed a tough decision to pull out of ALL his shows for the rest of the year Credit: Getty 6 Hurts' Adam Anderson will sit out of the duo's upcoming 'Happiness' anniversary shows to focus on his mental health and well being Credit: Getty 6 Hurts have a run of shows this summer, including a major date at the O2 Academy Brixton in London on May 22 Credit: instagram Hurts have a run of shows this summer, including a major date at the O2 Academy Brixton in London on May 22. But, Hurts' Adam Anderson will not be appearing at the duo's upcoming 'Happiness' anniversary shows so that he can focus on his mental health and wellbeing. In an Instagram post Anderson explained: 'As many of you know I've been struggling with my mental health for years now. 'Sadly, due to my ongoing recovery, I have taken the very difficult decision to sit out all forthcoming HURTS shows this year and focus solely on my well-being. Advertisement 'It hasn't been an easy decision but it's the right thing for me to do at this time. 'I want to express my love and gratitude to Theo for his understanding and supporting me in making this decision. "All shows will go ahead as planned with Theo taking centre stage and I couldn't be happier that they're taking place.' Anderson then apologised to fans and said: 'You've supported me as an individual and the band for so many years and I have never taken it for granted. Advertisement "I don't want anyone to worry about me. I am doing my best to recover with a good support system around me and I look forward to getting better.' His fans were quick to respond with support and one said: "Adam, take care of yourself! We love you very much and wish you a speedy recovery!!! We are waiting for you!" Hurts perform Sunday Another added: "Thank you for your honest words and you don't need to apologize, your health is the most important thing. "We will celebrate and support Theo and the band at the concerts celebrating the anniversary of your wonderful album. And we will meet again." Advertisement A third added: "Thank you so much for your honesty, Adam! Your music has helped me and many others through some dark times and I think many of us can at least grasp what it is like to struggle with mental health. "It's even more important now that you know that you did not disappoint us. Help for mental health If you, or anyone you know, needs help dealing with mental health problems, the following organisations provide support. The following are free to contact and confidential: Samaritans, 116 123 CALM (the leading movement against suicide in men) 0800 585 858 Papyrus (prevention of young suicide) 0800 068 41 41 Shout (for support of all mental health) text 85258 to start a conversation Mind, provide information about types of mental health problems and where to get help for them. Call the infoline on 0300 123 3393 (UK landline calls are charged at local rates, and charges from mobile phones will vary). YoungMinds run a free, confidential parents helpline on 0808 802 5544 for parents or carers worried about how a child or young person is feeling or behaving. The website has a chat option too. Rethink Mental Illness, gives advice and information service offers practical advice on a wide range of topics such as The Mental Health Act, social care, welfare benefits, and carers rights. Use its website or call 0300 5000 927 (calls are charged at your local rate). Heads Together, is the a mental health initiative spearheaded by The Royal Foundation of The Prince and Princess of Wales. "We all want you to get better and are looking forward to seeing you again on the stage sometime in the future when you feel ready. Take care, Adam! x." Theo Hutchcraft responded with his own Instagram post and said: 'I completely understand and respect his decision to step back from the live performances for health reasons'. Advertisement 'Adam and I have built this band together and he's given everything to it over the last 15 years, 'We're lifelong friend and partners. I'll be taking to the stage alongside the incredible Hurts band, who have been with us from the beginning. "We'll be sure to bring the vision to life and make it a summer to remember. Whether you're in the front row or watching from afar. Love you mate x'. Hurts are an English musical duo and have released five studio albums: Happiness (2010), Exile (2013), Surrender (2015), Desire (2017) and Faith (2020). Advertisement Their first two albums both reached the top 10 in several countries. 6 Hurts' Adam apologised to all his fans for pulling out of the shows Credit: Handout 6 Theo Hutchcraft will be taking to the stage alongside the incredible Hurts band Credit: Getty - Contributor 6 Adam explained an Instagram post that he had to make the difficult decision Credit: instagram
