The Woodlands, Texas, Nov 25 — NPK International Inc. (NYSE: NPKI) (“NPK” or the “Company”) today announced the acquisition of Grassform Plant Hire Limited (“Grassform”) for an all-cash purchase price of £35.2 ($46.4) million funded at closing, with additional potential consideration to be paid based upon improvements in Grassform’s trailing twelve month performance through its current fiscal year-end, February 28, 2026. The acquisition was funded primarily using cash on-hand, along with approximately $10 million of borrowings under the Company’s U.S. credit facility.
Headquartered in Ingatestone, England, Grassform is a U.K. market leader in ground protection and temporary roadway solutions and services with a fleet of over 20,000 composite mats. For the twelve months ended October 31, 2025, Grassform generated revenue of £15 ($19) million and EBITDA of £6 ($8) million.
“We are excited to welcome the Grassform team to NPK and are confident that the acquisition will meaningfully strengthen our U.K. operations through scale and the addition of a highly tenured and talented team,” said Matthew Lanigan, President and CEO of NPK. “The acquisition significantly expands our market coverage and is highly complementary to our existing U.K. operations.”
Lanigan concluded, “The transaction is aligned with our growth strategy, which prioritizes scaling our high return rental business through geographic expansion and market share growth within our core rental and service offering. We believe the U.K. market provides meaningful opportunities for NPK, supported by a robust outlook for infrastructure investments over the next several years. Further, with limited debt following the transaction, we remain well positioned to continue executing on our disciplined capital allocation strategy, which prioritizes investment in organic growth and strategic inorganic opportunities, balanced with the programmatic return of capital.”