PE-backed Aveda closes $42 mln acquisition of Hodges Trucking

Aveda Transportation and Energy Services Inc (TSXV: AVE) has completed its previously announced buy of Hodges Trucking Co, a U.S. operator and owner of rig moving and heavy haul equipment, from Seventy Seven Energy Inc. The purchase price was US$42 million. Aveda, a Calgary-based provider of oilfield hauling services and equipment rentals, is backed by Canadian private equity firm Werklund Capital. In a subsequent statement, it said the Hodges Trucking deal will increase the company's operational footprint in key markets, expand its customer base and help it better manage price pressures.

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