Petrowest Corporation (Petrowest) has closed the previously announced (August 22, 2014) acquisition of all the shares of each of Trans Carrier Ltd. and Trans Carrier Rentals Ltd. for the purchase price of $11.5 million plus the assumption of approximately $5.5 million of debt (of which $2.5 million of the debt was paid out immediately upon closing of the acquisition). The purchase price was paid with $5.8 million in cash and the issuance of 6,004,376 Class A common shares of Petrowest having a value of $5.7 million (based on a price per share of $0.95).

Trans Carrier Ltd. is a private company based in Fort St. John, British Columbia, and is in the business of transporting service rigs, test equipment, plant site maintenance equipment and construction equipment, hauling contaminated soil and hazardous waste and crushing gravel in the western provinces of Canada and in the Northwest and Yukon territories. Trans Carrier Rentals Ltd. is a private company that is in the business of renting out oilfield equipment in the same geographic areas as Trans Carrier Ltd.

Tags: Petrowest Corporation