Forum Energy Technologies Closes Sale-Leaseback Transaction

Source: www.gulfoilandgas.com 11/30/2022, Location: North America

- Generates approximately $32 million in net proceeds
- Presents meaningful deleveraging opportunity

Forum Energy Technologies, Inc. has closed a sale of four manufacturing and distribution centers located in Texas and Louisiana. The properties will remain an integral part of FET’s operations strategy going forward. In connection with the sale, the Company entered into a long-term lease agreement. The net sales proceeds from the transaction totaled approximately $32 million.

Neal Lux, President and Chief Executive Officer, remarked, “This transaction generates value for our stakeholders at an EBITDA multiple over ten times future annual lease payments. These sale proceeds and our projected second half 2022 free cash flow represent a $60 to $70 million net debt reduction since June 30, 2022. Our capital light business model provides significant flexibility to use the sale proceeds and free cash flow generated to improve our balance sheet and fund growth opportunities.”


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