Canada-based ENTREC, an industrial transportation company, has acquired Taylor Crane Service, an oil crane operator located in the Bakken oil formation, for $4.3 million and 1 million shares of stock.
A 31-day due diligence period will occur before the deal is closed.
"The acquisition of Taylor Crane, combined with our current operations
in the Bakken, will provide us with the scale we need to better compete
and grow our business in this region," ENTREC's head, John M. Stevens, said in a statement.
ENTREC officials foresee a big boost in their business this year, predicting 2013 revenues of more than $200 million. The steadily growing company ended the third quarter with adjusted EBITDA of $8.5 million.
“We achieved significant growth in revenue, EBITDA, and net income in
the third quarter of 2012 as we continued to execute our growth
strategies and respond to robust demand from Western Canada’s resource
industries,” Stevens stated at the time. “Since
our founding acquisition in May 2011, we have completed a total of nine
acquisitions and undertaken a significant capital expenditure program to
expand our fleet and service offering, and increase our geographic and
Taylor Crane, the company's tenth acquisition, submitted 2012 earnings before tax of $1.7 million. - Jon Ross