U.S. Silica to acquire Cadre Services for $98 million
Silica sand provider U.S. Silica has signed a stock purchase agreement to acquire all of the outstanding shares of regional sand mining company Cadre Services Inc., based in Texas, for $98 million.
U.S. Silica is now set to acquire the shares from Cadre’s single frac sand mine and plant, which produces about 800,000 tons of Hickory sand annually. Cadre’s location in the Permian Basin also allows it to serve its customers on both a contract and a spot basis.
“This accretive acquisition aligns with our strategy to increase market share by expanding our footprint and product offerings in one of the fastest growing basins in the country,” says Bryan Shinn, president and chief executive officer of U.S. Silica. “The addition of the Cadre team and their outstanding operational and logistics capabilities allows us to provide our customers with a high quality, regionally-produced product which effectively meets the demands of many Permian oil and gas wells.”
The deal is expected to close at the end of the month.
About the Author: Allison Kral
Allison Kral is the former senior digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Portable Plants magazine, GPS World magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.Subscribe to Pit & Quarry
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