Omni Energy Services Corp has acquired all of Industrial Lift Truck & Equipment Co Ltd (ILT)'s outstanding common stock for USD16.25 million in cash and USD4.0 million in promissory notes.

The promissory notes will accrue 5% per annum interest and mature at various dates over three years. ILT was required to have at least USD1.5 million of excess working capital.

Omni chief operating officer Brian Recatto says the acquisition enables the company to add complementary rental items to its land-based portfolio. He explains that ILT has a 34-year history of "outstanding customer service" supporting the oil and gas industry.

"We believe the incorporation of ILT's impressive fleet of specialised rental equipment affords us a number of organic growth opportunities without the need for additional infrastructure costs," Recatto says.

He adds that with locations in many prolific oil and gas regions, the combined company can offer ILT's rental services to its expanding national client base.

Ronald Mogel, Omni's chief financial officer, says the acquisition is expected to be "immediately accretive to earnings" and will boost the company's revenue, earnings and market position.

ILT general manager Jim Ortego will continue in his role.

ILT, headquartered in Lafayette, Louisiana, employs about 30 people and operates from an additional rental and service facility in Lincoln, Texas. For the year ended 31 December 2007, ILT's revenues were about USD13.8 million.

Omni, headquartered in Carencro, Louisiana, has environmental, equipment leasing, transportation and other services divisions that support the oil and gas companies operating in south Louisiana, east Texas, the Rocky Mountains and the Gulf of Mexico.