One environmental service company expanded its reach in the new year acquiring Sonic Oilfield Services Ltd.
Vertex Resource Group Ltd. (Vertex) announced the acquisition of Sonic, an environmental services company that provides pressure trucks, fluid hauling, chemical and KCL products in Saskatchewan.
“Strengthening our local presence in both Kindersley and Weyburn is beneficial to our current customer base operating within Saskatchewan, as we increase our ability to effectively service the entire province,” states Terry Stephenson, President of Vertex. “This acquisition not only expands our service area for environmental services, but also expands the geographic opportunity to provide synergistic and complementary services such as environmental and land consulting to clientele operating in these areas.”
Sonic currently serves the drilling, completions, production and facility needs of clients operating within Kindersley and Weyburn, Sask.
The acquisition will add 60 pieces of rolling stock to Vertex’s fleet, strengthening its presence in Saskatchewan and enabling the company to effectively service the resource and potash/mining regions of the province. In addition, Sonic’s Kindersley operation includes a KCL mixing facility which will now be owned and operated by Vertex.
This acquisition was completed for the purchase price of $4.5 million with 2.35 million common shares being issued at $1.00 per common share, and the remaining balance paid in cash. The purchase price is subject to increase if certain valuation metrics of Vertex are not satisfied by December 31, 2019, or earlier following certain corporate events.
(Vertex Resource Group)