Bregal Partners has acquired Borejaks Energy Services through its portfolio company Aqua Terra Water Management. Terms of the acquisition were not disclosed.
According to sources familiar with the transaction, the investment came from Bregal Partners 2012 fund which closed on $500 million, and is approximately 50 percent invested.
Borejaks handles saltwater disposal and commercial water management for the oil and gas industry.
The acquired facilities are located in the heart of the Bakken shale in the McKenzie and Dunn counties of North Dakota, and represent the Company’s first entry into the U.S. saltwater disposal industry. The facilities will operate under the Aqua Terra brand.
“The transaction builds on our interest in light oil and liquids rich plays in North America,” Scott Perekslis, managing partner and co-founder of Bregal Partners, told Private Equity International. The deal will combine Bregal-backed resources to create a cross-border play that includes another facility in Alameda, Saskatchewan.
In addition to the recent acquisition, Four Winds Energy Services, a wholly-owned subsidiary of Aqua Terra, announced the recent opening of two new facilities serving the Viking oil area in southeastern Alberta.
Bregal will also be looking at greenfield development and acquisitions. “We plan to keep building out our water management interest in North America,” Perekslis added.
Johnson Rice & Company L.L.C. served as the financial advisor to Aqua Terra, and Dechert LLP served as the legal advisor on the acquisition. Deerpath Capital Management, LP provided financing on the acquisition.