FET acquires Variperm for $150M cash+2M shares; pro forma adj EBITDA +77%

FORUM ENERGY TECHNOLOGIES, INC.

Consideration: $150M cash + 2M FET shares at ~3.7x Variperm TTM EBITDA as of Sep 30, 2023.
Pro forma combined: revenue $873M (+17%), adj EBITDA $121M (+77%), margin 14% (+470 bps).
Financing: $90M cash on hand, ABL borrowings, and up to $60M seller term loan (11% initial rate).
ABL credit facility amended to increase revolver to $250M and extend maturity to Sep 2028.
Director Emily Reichert retired effective Nov 2, 2023; departure not due to disagreement.

item 1.01 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Emily Reichert

Director

FET · FORUM ENERGY TECHNOLOGIES, INC.

Effective: 2023-11-02
Filed: November 3, 2023, 7:59 PM ET

On November 2, 2023, Dr. Emily Reichert, Ph.D., a member of the Forum board of directors (the “Board”) and the Nominating, Governance and Sustainability Committee, notified Forum of her retirement from the Board, effective as of November 2, 2023, to accommodate her recent appointment as Chief Executive Officer of the Massachusetts Clean Energy Center.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Emily Reichert retired as Director at FORUM ENERGY TECHNOLOGIES, INC..

Action: retired
Role: Director

Exact text from the filing

On November 2, 2023, Dr. Emily Reichert, Ph.D., a member of the Forum board of directors (the “Board”) and the Nominating, Governance and Sustainability Committee, notified Forum of her retirement from the Board, effective as of November 2, 2023, to accommodate her recent appointment as Chief Executive Officer of the Massachusetts Clean Energy Center.

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FORUM ENERGY TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001401257-23-000086

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