Enterprise Group Completes $22.6 Million Acquisition Of Hart Oilfield Rentals

Acquired the private oilfield service provider with operations in the Western Canadian Sedimentary Basin.

Enterprise Group Inc. (TO: E) completed its previously announced acquisition of Hart Oilfield Rentals Ltd., a private oilfield service provider, for $22.6 million, the St. Alberta, Canada-based company announced Jan. 3.

Hart is a full service oilfield site infrastructure company that provides both site services and equipment rentals to its oil and gas customers, all of whom operate within the Western Canadian Sedimentary Basin. Hart’s equipment fleet consists of an estimated 1,500 owned pieces and an additional 500 pieces that have been rented in order to fulfill demand.

Enterprise funded the acquisition through a combination of net proceeds from its previously announced overnight marketed public offering of subscription receipts, the issuance of some 1.4 million common shares at $0.72 per share, funds available from the its credit facility and cash on hand. Enterprise has also now completed an increase to its credit facility for up to a maximum of $35 million from $20 million, at a rate of prime plus 2%.

Canaccord Genuity Corp. was exclusive financial advisor to Enterprise.