McJunkin, Red Man Announce 'Merger Of Equals'
Two of the industry’s largest industrial and oilfield PVF suppliers, Red Man Pipe & Supply Co. and McJunkin Corp., announced a self-described “merger of equals” that will make the new company by far the largest PVF distributor in North America, with estimated annual revenues exceeding $3 billion.
Red Man’s corporate headquarters in Tulsa, Okla., and McJunkin’s in Charleston, W.Va., will serve as co-headquarters for the new company. Red Man Pipe & Supply Co. President and CEO Craig Ketchum and McJunkin Corp. CEO and President H. B. “Bernie” Wehrle III will serve as co-chief executive officers for the new company. As we went to press, titles and responsibilities were still being ironed out for other key executives.
Goldman Sachs Capital Partners, which in January 2007 became a substantial investor in McJunkin, played a major role in driving the merger. It is widely viewed as a prelude to a public offering by the two privately held companies, although no timetable has been advanced.