Daseke (No. 37 on the CCJ Top 250) has announced it is acquiring oil rig moving company Aveda Transportation and Energy Services, a fleet with approximately 430 tractors, 660 trailers and 200 light-duty trucks.
Under the terms of the agreement, Daseke will pay 71 cents per share, plus the assumption of Aveda’s debt. Additionally, up to 36 cents per share in cash contingent consideration will be paid based on EBITDA earnings. Aveda shareholders will have the choice of accepting cash, the equivalent in Daseke stock, or a combination. The transaction is expected to close in June, Daseke says.
Aveda was selling at about 74 cents a share mid-day Wednesday.
In 2017, Aveda generated $158 million in revenue, up 172 percent from its 2016 revenue of $57.7 million.
Aveda, headquartered in Calgary, Alberta, Canada, provides specialized transportation services and equipment for the exploration, development and production of petroleum in the U.S. and Canada, according to a Daseke press release.
“I am truly excited to have Aveda join the Daseke family,” said Don Daseke, chairman and CEO at Daseke. “Aveda is a great company with quality people, a specialized value-additive business and a blue-chip customer base. This merger is a strong fit for our company and shareholders as Aveda has demonstrated the ability to outpace their market’s growth rate. We expect joining Daseke will provide Aveda the necessary backing and capital to fuel their continued strong performance.”