RockPile Energy Services, LLC, a subsidiary of Triangle Petroleum Corporation, has announced the company has been acquired by White Deer Energy (White Deer).
After conducting an extensive marketing process, RockPile selected White Deer from a number of other potential financial sponsors due to their shared vision for the future of the company. Curt Dacar, CEO of RockPile, remarked, "This is an exciting day for everyone at RockPile. When we started the process of identifying a new capital partner, I could not have imagined a better outcome than teaming up with White Deer Energy. Their experience, values, and confidence in our Team make them an ideal fit for RockPile. I want to thank our people, our clients, and our supplier partners for their support as we worked through this process."
White Deer Energy Partner Jim Meneely added, "On behalf of the White Deer Energy Team, I would like to welcome RockPile to our family of companies. We have observed RockPile's industry leading performance for some time and jumped at the opportunity to add the company to our portfolio. We couldn't be more excited to partner with Curt and all the RockPile employees to grow the company while remaining committed to RockPile's mission of being a Best-in-Class service provider."
As part of the transaction, RockPile will move forward with a debt-free balance sheet and adequate capital required to pursue a robust growth pipeline. Important to note, the transaction was concluded on an out of court basis and involved no form of bankruptcy for the company or subsidiaries.
PJT Partners and AlixPartners served as financial advisors to RockPile. Skadden, Arps, Slate, Meagher & Flom served as legal advisor to RockPile and Locke Lord served as legal advisor to White Deer Energy.
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/product-news/09092016/rockpile-energy-services-announces-acquisition-by-white-deer-energy/