Akastor’s drilling services outfit MHWirth has agreed to acquire Bronco Manufacturing in a $31.5 million all-stock deal.

Headquartered in Tulsa, Oklahoma, Bronco manufactures replacement parts for onshore and offshore drilling rigs.

Houston-based MHWirth will own 100% ownership interests in Bronco on a cash-free, debt-free basis, financed through Akastor’s credit facility. The deal has already closed, the company said.

In a news release, the company said acquiring Bronco would “provide an in-house parts manufacturer in the US that helps avoid capacity constraints in production of service/replacement parts.”