Headquartered in The Woodlands, Texas, Accelerated’s products include electric submersible pumps (ESPs), hydraulic jet pump systems, gas lift systems, surface pumping and modular process systems for filtration, separation, heating and other fluid handling operations. With the acquisition of Accelerated, Dover has established a strong position in the US shale well development market.
Accelerated will become part of the Dover Artificial Lift business unit within Dover’s Energy segment.
Robert Livingston, Dover president and CEO, said: “The technology Accelerated brings to our portfolio, combined with our existing rod lift products, allows us to offer our customers the right artificial lift solutions for the complete life of their wells. Accelerated’s strong double-digit growth over the past few years has been driven by the company’s culture of innovation and customer engagement. Together, Dover Artificial Lift and Accelerated are very well positioned to capitalize on strong production market dynamics.”
Soma Somasundaram, president and CEO of Dover’s Energy segment, said: “The acquisition of Accelerated will allow us to benefit from the emerging North American trend of installing ESP systems early in the well completion cycle of high flow unconventional oil wells. With Accelerated, Dover will not only participate in the fastest growing segment of the artificial lift market, but we will also establish an earlier touch point with our customer. Overall, the products, service presence and talent mix Accelerated brings will help us better serve our customers.”
Accelerated is expected to have 2014 revenues of approximately US$225 million.