RedHawk Energy Corp. of Lafayette, La., an oil and gas equipment concern set to be publicly traded next year, announced Tuesday a $66 million deal for the Xxtreme Group of Houston, an oilfield service provider with an operation in Beebe.
Xxtreme, which reported $11.1 million in profits on $36.4 million in revenue in 2008, employs about 180 people in four states in its tubular and equipment rental divisions. Xxtreme Pipe Storage, the two-employee oil field pipe storage yard in Beebe, is part of the RedHawk's acquisition.
RedHawk says it seeks "investments in and the consolidation, through acquisition, of domestic oil and gas equipment manufacturing, leasing and service companies" with an eye on the end of the economic slump.
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