LEDUC, Alta. – Flatbed, specialized transportation, and logistics solutions provider Daseke Inc., has acquired Alberta oil rig moving company Aveda Transportation and Energy Services.
One of the fastest growing companies of its kind in North America, Aveda was purchased for 90 cents per share, or approximately USD$42.6 million, plus the payoff of USD$54.8 million in Aveda debt.
“Daseke’s two core principles are investing in great people and building an organization of scale,” said Don Daseke, chairman and CEO of Daseke. “Aveda strongly builds upon these core principles and is an exceptional fit for our platform. Beyond the strategic rationale, this transaction also presents numerous synergies not contemplated in the purchase price. Aveda outsources up to 35% of its long-distance rig movers to other carriers, and we have the equipment to capture some of this revenue through our various operating companies. In addition to cross-selling, we have also identified other benefits of scale in the way of purchasing, fuel and insurance.”
Aveda’s terminal locations cover nearly 80% of the North American market and almost 90% of its revenue is diversified across all seven U.S. oil basins. The company owns around 1,300 pieces of equipment valued at approximately $114 million.
“Joining the Daseke team makes our company stronger than ever,” said Aveda president and CEO Ronnie Witherspoon. “The benefits of scale will help us better serve our customers and is already empowering our employee base. Like Daseke, we believe in a people-first culture. A high-quality, passionate employee base is key to the execution of our business plan. We have that culture and so does Daseke, making this combination a perfect match and an exciting new chapter for our company.”