ARC Financial's STEP Energy to acquire Sanjel assets

STEP Energy Services Ltd, a portfolio company of Canadian private equity firm ARC Financial Corp, has agreed to acquire certain assets of Sanjel Corp, a Calgary-based energy service company. No financial terms were disclosed for the deal, which will see STEP add Sanjel's Canadian pressure pumping, coiled tubing and cementing assets to its own services offerings. The acquisition will be facilitated through a court-monitored process and is expected to close in May. STEP, a Calgary-based oilfield service specialist, was founded in 2011 with a $75 million investment from ARC Financial. Last year, the company bought GASFRAC Energy Services Inc.

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