CERF in Empire Tool acquisition
By Helen Wright30 May 2014
Canadian equipment rental and waste management company CERF has expanded its oilfields services portfolio with the acquisition of Empire Tool for CA$9.3 million (€6.3 million).
Empire Tool is based in Calgary, Canada, and was a privately owned oilfield service and rental business. CERG subsidiary TRAC Energy Services completed the deal.
Wayne Wadley, president of CERF, said the acquisition complemented TRAC’s oilfield service capability within Western Canada, and enhanced the company’s overall earnings ability.
“We are excited to welcome Empire’s management team to TRAC, who will be instrumental in integrating Empire’s assets, sales capacity, and oilfield capabilities into our well established operating model,” he added.
CERF said the Empire assets would enhance TRAC’s capability to provide customers with more equipment used in directional drilling applications, including specialty and heavy weight drill pipe; drill collars and related handling equipment.
Empire generated approximately CA$4.2 million (€2.8 million) in revenues for the 12 months to 31 March, 2014.