American Energy Partners recently completed the previously announced acquisition of Apex Energy Service, which is located in Canonsburg, Pa.
American Energy reported it is to pay potential contingent consideration based on the achievement of specific EBITDA growth targets of the company over the next three years.
“I could not have envisioned a better scenario for not only the founders of Apex but for Apex as a whole,” said Albert Bove Jr., who will remain president of Apex. “American Energy brings an entire suite of know-how, and I couldn’t be happier to be a part of their growing family.”
Apex is a regional provider of services in Ohio, West Virginia, and Pennsylvania, that include:
- Oil and gas services: Containment, pressure washing, water hauling, roustabouts, and vacuum services
- Facilities maintenance: Sediment control, concrete, slip repair, and excavation
- Logistics: Trucking and hot shot services
Highlights of the acquisition include:
- Represents an increase in annualized unaudited revenue of approximately $7 million beginning in Q1 2022. Expanding American Energy’s forecasted 2022 revenue to $13 million
- An additional 55 employees that bring American Energy’s total employee count to about 100
- Adding to American Energy’s facilities in Allentown, Pa.; Washington, Pa.; Hunker, Pa.; and Jane Lew, W. Va. The Apex transaction includes three facilities in Canonsburg, Pa.; Monongahela, Pa.; and Wheeling, W. Va.
“The Apex transaction is significant in the growth story of American Energy,” said Brad Domitrovitsch, American Energy’s CEO. “We continue to deliver on our objective of filling our company with high-quality, cash-flowing assets that are backed by exceptional management teams. We are looking forward to another high growth year with 2022 off to a promising start.”