---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-035928"
form_type: "8-K"
ticker: "INVX"
cik: "0001042893"
company_name: "Innovex International, Inc."
filed_at: "2023-07-31T23:59:59+00:00"
generated_at: "2026-06-12T21:39:47.596762+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Dril-Quip acquires Great North Wellhead for ~$80M CAD; Q2 revenue $89.6M, net income $3.5M

## Summary
- Acquired Great North Wellhead for $105M CAD (~$80M USD) cash, plus up to $30M CAD earnout based on revenue growth targets.
- Q2 revenue $89.6M (-5% YoY); net income $3.5M ($0.10 EPS) vs net loss $5.6M a year ago.
- Net bookings $72.7M (+47% YoY); book-to-bill ratio 1.2x.
- Adjusted EBITDA $8.8M (flat sequentially); gross margin 26.7%.
- FY2023 revenue target raised to ~20% growth over 2022; H2 revenue guided $240-250M; EBITDA margins 14-16%.

## SEC filing metadata
- accession: 0000950170-23-035928
- form_type: 8-K
- ticker: INVX
- cik: 0001042893
- company_name: Innovex International, Inc.
- filed_at: 2023-07-31T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1042893/000095017023035928/0000950170-23-035928-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042893/000095017023035928/drq-20230731.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-035928
- JSON: https://secwatch.observer/filing/0000950170-23-035928.json
- Plain text: https://secwatch.observer/filing/0000950170-23-035928.txt

## Key facts
- Earnings Releases
  Innovex International, Inc. reported second quarter 2023 results: revenue $89.6 million, net income $3.5 million, EPS $0.10 per share. Guidance raised.
  - Period: second quarter 2023
  - Revenue: $89.6 million
  - Net income: $3.5 million
  - EPS: $0.10 per share
  - Guidance: raised
  - Result: reported results
  source text: innovative technologies for use in the energy industry, today reported operational and financial results for the second quarter of 2023. Second Quarter Highlights • Revenue of $89.6 million decreased 1% sequentially and 5% year-over-year • Net Bookings of $72.7 million increased 36% sequentially and 47% year-over-year, representing a book-to-bill ratio of 1.2x • Net
  evidence_url: https://www.sec.gov/Archives/edgar/data/1042893/000095017023035928/0000950170-23-035928-index.htm
- M&A Transactions
  Innovex International, Inc. completed an acquisition involving Industrial Growth Partners V AIV L.P. for $105 million CAD (closed 2023-07-31).
  - Action: acquisition
  - Counterparty: Industrial Growth Partners V AIV L.P.
  - Consideration: $105 million CAD
  - Closing: 2023-07-31
  source text: On July 31, 2023, TIW Canada ULC (“Purchaser”), an unlimited liability company governed by the Laws of Alberta and wholly-owned subsidiary of Dril-Quip, Inc. (“Dril-Quip”), acquired all of the issued and outstanding shares in the capital of 1185641 B.C. Ltd. (d/b/a Great North Wellhead and Frac), a corporation governed by the laws of the province of British Columbia (the “Company”), pursuant to a definitive agreement (the “Share Purchase Agreement”), dated as of July 31, 2023, among each of the shareholders of the Company (collectively, “Sellers”), Industrial Growth Partners V AIV L.P., in its capacity as agent to Sellers thereunder, Purchaser and, solely in its capacity as guarantor for the obligations of Purchaser thereunder, Dril-Quip for a cash purchase price of $105 million CAD.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1042893/000095017023035928/0000950170-23-035928-index.htm
- Material Agreements
  Innovex International, Inc. entered into Share Purchase Agreement with Industrial Growth Partners V AIV L.P., in its capacity as agent to Sellers valued at $105 million CAD (effective 2023-07-31).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Industrial Growth Partners V AIV L.P., in its capacity as agent to Sellers
  - Value: $105 million CAD
  - Effective: 2023-07-31
  source text: On July 31, 2023, TIW Canada ULC (“Purchaser”), an unlimited liability company governed by the Laws of Alberta and wholly-owned subsidiary of Dril-Quip, Inc. (“Dril-Quip”), acquired all of the issued and outstanding shares in the capital of 1185641 B.C. Ltd. (d/b/a Great North Wellhead and Frac), a corporation governed by the laws of the province of British Columbia (the “Company”), pursuant to a definitive agreement (the “Share Purchase Agreement”), dated as of July 31, 2023, among each of the shareholders of the Company (collectively, “Sellers”), Industrial Growth Partners V AIV L.P., in its capacity as agent to Sellers thereunder, Purchaser and, solely in its capacity as guarantor for the obligations of Purchaser thereunder, Dril-Quip for a cash purchase price of $105 million CAD.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1042893/000095017023035928/0000950170-23-035928-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.