Innovex International has agreed to acquire Norway-based TCO Group for $95 million in cash and stock, extending the Houston company’s push into niche well completion products with strong offshore exposure. The deal is expected to close early in the third quarter of 2026.
TCO generated about $70 million of revenue, $12.4 million of net income and $17.6 million of adjusted EBITDA in 2025, implying a purchase multiple of roughly 5.4x EBITDA. For Innovex, that is a disciplined price for a business with a 25% adjusted EBITDA margin and a product line tied to operational reliability rather than discretionary drilling spend.
TCO’s core asset is its laminated glass plug technology, used in well completions and tubing-conveyed perforating. That matters because operators are still rewarding tools that cut rig time, reduce intervention risk and lower the odds of costly fishing operations. In a market where customers remain selective on capital budgets, small-ticket products that protect well economics can command durable pricing and repeat demand.
Innovex is not buying scale for its own sake. It is buying a defensible slot in offshore and international completions, plus a stronger foothold in Norway and the UAE. Those are attractive markets for a company trying to balance North American cyclicality with longer-cycle international work. The transaction also gives Innovex another way to sell through its existing customer network without taking on the integration risk that comes with a large platform acquisition.
The timing fits a broader pattern. Energy dealmaking has accelerated sharply this year, though much of the headline value has been concentrated in megadeals. Acquire.fyi data shows energy M&A volume is up 58.8% year over year, while the sector’s median deal size has fallen 30.5%, a sign that buyers are also pursuing smaller, capability-led transactions alongside blockbuster consolidation.
That makes this acquisition notable beyond its size. Innovex is assembling a portfolio of specialized products that sit close to the wellhead and closer still to customer uptime. If peers follow, the next phase of oilfield services consolidation may be less about bulk and more about owning the narrow technologies that operators hesitate to swap out.
Source: Company press release and Acquire.fyi's proprietary data
