SAN ANTONIO – (COMMERCIAL THREAD) – Water Energy Services (“WES”) announces the acquisition of the FMS business from Key Energy Services. WES provides water logistics, fluid containment, oil recovery, saltwater disposal and water recycling services in the Eagle Ford Shale and Permian Basin. The FMS business includes 32 SWDs, fracturing tanks, transport vehicles and other equipment located in Texas and New Mexico. WES CEO Nicholas Atkins explained that “With the acquisition of the FMS business, we are adding significant new assets, customer relationships and seasoned personnel to our workforce and the acquisition gives us a broadly diverse base to provide services to our existing customers. With the addition of the FMS business, WES is positioned to carry out several other OFS businesses that we plan to acquire in the Permian and other locations that will be complementary to our operations.”
Key President and CEO Marshall Dodson said: “With the divestiture of our Permian Basin and Gulf Coast FMS business line, we are well positioned to focus on our core business of well service platforms, fishing and rental and fishing operations. coiled tubes in these markets We will use the proceeds to strengthen our financial position and reinvest in our business while taking advantage of the opportunities available to us.
A long-time entrepreneur, Mr. Atkins has successfully founded, developed and divested numerous companies in the oil and gas industry while creating shareholder value. It is committed to cleaning wastewater and drilling fluids in an environmentally friendly manner with minimal impact on the environment. Under his leadership, WES has experienced significant growth and transformation both organically and through the strategic acquisition of petroleum services and green technologies.
WES CFO Jamie Downs, COO Grady White and HR Director Stephanie Barr were instrumental in securing the deal with their extensive experience in the petroleum industry.
Rudy Concha, Mr. Atkins’ partner in WES, is the Founder and Chairman of Security Real Estate Brokerage, a private investment firm focused on building real estate related businesses in primary markets such as the greater Los Angeles. Mr. Concha built his real estate portfolio valued at over $ 100,000,000 in land, apartments, industrial buildings, commercial and residential properties with skill and tenacity.
Greg Pierce, Managing Director of Oak Hills Securities, Inc. acted as financial advisor and investment banker for WES, Maynards Capital provided equipment financing for this transaction and Amerisource Business Capital financed the real estate parties. and working capital of the transaction.
WES was represented by Leib Orlanski, K&L Gates LLP, Los Angeles, Key Energy Services was represented by Gibson, Dunn & Crutcher LLP and Womble Bond Dickinson (US) LLP represented Maynards Capital.