Pure Technologies has entered into an agreement to acquire the oil and gas pipeline inspection services business and related assets of Hunter McDonnell Pipeline Services and its affiliated companies for $8 million.
Closing of the transaction is expected to occur early in the third quarter of 2014. For the financial year that ended March 31, HM generated revenue more than $10 million.
Since 2011, HM has provided tracking services on Pure’s SmartBall technology inspections for the company’s North American oil pipeline clients.
In 2013, Pure and HM entered into a partnership agreement whereby Pure trained HM staff to deploy the SmartBall technology in oil pipelines within North America.
HM’s business will, following closing of the transaction and the transition of operations, be transacted through PureHM in Canada and PureHM US in the US.