15 November 2013 – acquisition
The group has expanded its operations in the Middle East with the acquisition of Oilfield Material Management Limited (OMM), based in Abu Dhabi, for initial consideration of $3.0m. OMM is a rental provider of drilling tools for the oil and gas industry to customers in the Middle East, North Africa and the C.I.S. There will be additional deferred consideration payable in March 2017 of between $2.5m and $4.75m. The acquisition is an excellent strategic fit for the group and despite the rise in the company’s share price, we continue to rate Northbridge as a BUY.