Innovex International Acquires TCO Group for $95M
Innovex International signed an agreement to acquire TCO Group in a cash and stock transaction valued at $95M. 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 $12M and Adjusted EBITDA of approximately $18M. 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.
