TriWest-backed Source completes $45 mln buy of Sand Products

Source Energy Services Ltd (TSX: SHLE) has closed its acquisition of Sand Products Wisconsin LLC for US$45 million. Located near Blair, Wisconsin, Sand Products' assets include a Northern White frac sand mine, processing facility and unit train capable load-out facility. Source, a Calgary-based proppant sourcing and oilfield logistics company, said the buy will "significantly increase" its frac sand production volumes. Source, backed by Canadian private equity firm TriWest Capital Partners since 2013, went public this month, raising $175 million. It planned to use part of the IPO's proceeds for the acquisition.

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