Venture-backed ProSep takes next steps to acquisition by PWA
Montréal-based ProSep Inc (TSX: PRP) has obtained protection under the Companies' Creditors Arrangement Act, as well as approval from the Superior Court of Québec concerning its previously announced acquisition by Produced Water Absorbents Inc (PWA) for $9.2 million. The acquisition is expected to close no later than November 22, 2013. PropSep, a developer of process solutions to the upstream oil and gas industry, is a portfolio company of Cycle Capital Management, Fondaction CSN and other investors, while the Houston, Texas-based PWA is backed by Norway's Energy Ventures and U.S.-based Harris and Harris Group.
29 October 2013•6 mins read
