Weekly OFS Newsletter

News Items Ending June 11, 2018


Mergers & Aquisitions

  • Akita Drilling Ltd. (TSX:AKT) announced the $209 million acquisition of Xtreme Drilling Corp. (TSX:XDC). The combined company post acquisition will operate under Akita’s name, and will have a fleet of 44 high spec drilling rigs operating in both Canada and the US. The acquisition provides Akita with immediate scale in the US market, building upon its recent strategic expansion into the Permian Basin.
  • Daseke Inc. (NASDAQCM:DSKE) closed its previously announced acquisition of Aveda Transportation and Energy Services Inc. (TSXV:AVE), provider of specialized transportation services and equipment in the North American energy industry.
  • Mullen Group Ltd. (TSX:MUL) announced the acquisition of AECOM’s (NYSE:ACM) Canadian Industrial Services division, which operates primarily within the heavy oil and oil sands regions of Alberta. The division operates over 250 pieces of equipment including pressure trucks, hydrovacs, vacuum trucks, combo units, fluid hauling equipment etc. The acquisition is expected to add $70 million in annual revenue for Mullen.
  • Vertex Resource Group Ltd. (TSXV:VTX) announced the acquisition of Manitoba based TSL Industries, an environmental services company providing vacuum, hydro vac, fluid handling, hot oiling and pressure truck services. The acquisition is consistent with Vertex’s strategy to continue diversifying its client base and further increase its geographic presence within Manitoba.



  • Horizon North Logistics Inc. (TSX:HNL) announced a $50 million bought deal public offering of common shares at a price of $2.80 per share. The net proceeds from the offering will be used to reduce Horizon North’s committed credit facility balances, fund its ongoing capital spending program and for general corporate purposes.
  • Source Energy Services Ltd. (TSX:SHLE) closed its previously announced offering of an additional $50 million 10.5% senior secured first lien notes due in December 2021. The net proceeds from the private placement will be initially used to repay drawn amounts under its existing credit facilities, which in turn may be withdrawn for general corporate purposes and to fund working capital and capital expenditures.