One-Page Deal Sheet
Basic Energy Services Acquires Rental Unit from Pioneer
Basic Energy Services Inc. Pioneer Energy Services Corp.
Announced Date
September 18,2014
Close Date
September 18,2014
Transaction Type
Asset
Location
Region
Mid-Continent
Country
United States
State
Texas
Play
Transaction Details: Require Private Equity Subscription
Basic Energy Services, Inc. has acquired substantially all of the assets of Pioneer Fishing and Rental, a division of Pioneer Energy Services, for total cash consideration of approximately $16 million. '
PFR operates its rental and fishing tool business from locations in Woodward, OK, Pampa, TX and Springtown, TX.
Basic expects this acquisition to be immediately accretive to earnings and to contribute revenue of approximately $14 million in 2015. As of the date of the acquisition, PFR had 36 employees. With this purchase, Basic has combined its existing operation in Woodward, OK and expanded…