MONTREAL, Que. — Just after announcing it had secured $650 million in financing, TransForce announced the acquisition of an energy services company and its trucking operations.
TransForce entered into a deal to acquire an equity interest in EnQuest Energy Services of Calgary, Alta., including the oilfield transportation assets such as Speedy Heavy Hauling.
EnQuest provides energy services, primarily in the US, including the transportation of rigs, cranes, other oilfield equipment and oversize loads.
The assets acquired by TransForce generate annual revenues of about US$50 million, the company reports.
TransForce’s US subsidiary Hemphill Trucking will be integrated with the new companies, operating as Hemphill-Speedy, headquartered in Grand Junction, Col. The deal is worth about US$32 million.
“The acquisition of the EnQuest assets substantially enhances TransForce’s competitive position in the US energy services industry where our coverage will now include Arkansas, Colorado, Montana, North Dakota, Pennsylvania and Wyoming and where we will be well poised to benefit from the impending recovery in the industry” said Alain Bedard, chairman, president and CEO of TransForce. “With the strong support of EnQuest investors, we look forward to working with the 220 employees of Speedy as we further build on our US infrastructure and management team.”
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