TriWest-backed Source Energy wraps up $100 mln asset buy
Source Energy Services Ltd (TSX: SHLE) has closed its acquisition of a Northern White proppant mine in Wisconsin, two frac sand terminals located in British Columbia, and exploration rights to more than 3,600 acres of land in the Peace River Valley of Alberta from Preferred Proppants LLC. The deal had a total consideration of about $100 million (US$80 million). Source, a Calgary-based producer, supplier and distributor of frac sand, also wrapped up private and public offerings that generated $93.8 million to help fund the deal. Source, backed by Canadian private equity firm TriWest Capital Partners since 2013, went public this year, raising $175 million.
7 November 2017•4 mins read
