ARC Financial-backed STEP Energy to acquire GASFRAC Energy
GASFRAC Energy Services Inc has received court approval to sell substantially all of its assets to STEP Energy Services Ltd. The financial terms of the deal, which resulted from a court-approved sale and investment solicitation process, were not released. The sale is expected to be closed next month. Based in Calgary, GASFRAC Energy is a well-fracturing business. STEP Energy, which is also based in Calgary, is an oilfield service company that provides specialized coiled tubing units and related equipment. It was founded in 2011 with a $75 million investment from Canadian private equity firm ARC Financial Corp. ARC is reported to be nearing a $1 billion first close on its eighth energy fund.
23 March 2015•4 mins read
