ProPetro Holding Corp. is acquiring wet sand solutions provider Aqua Prop LLC for an initial value of $35.6 million. (Source: Business Wire)
Midland, Texas-based ProPetro Holding Corp. is acquiring wet sand solutions provider Aqua Prop LLC for an initial value of $35.6 million, according to a June 3 press release.
As part of the transaction ProPetro will own and provide onsite sand storage and handling. ProPetro’s CEO Sam Sledge said the company will also leverage agreements for logistics and preferred access to sand supply.
"The acquisition of Aqua Prop aligns seamlessly with our strategy of pursuing more innovation and integration for our disciplined operating model and high-grading our capital allocations,” Sledge said.
The deal includes cash consideration, future earnout incentives and is expected to advance industrial solutions, ProPetro said.
PPHB as financial adviser to ProPetro and Vinson & Elkins LLP served as legal counsel. Locke Lord LLP served as legal adviser to Aqua Prop.
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