Hi-Crush Partners (HCLP) Acquires Blair Facility in Cash, Stock, and Contingent Deal
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Hi-Crush Partners LP (NYSE: HCLP) "Hi-Crush" or the "Partnership" announced today that it has entered into a contribution agreement with Hi-Crush Proppants LLC ("Proppants") to acquire Hi-Crush Blair LLC ("Blair"), the entity that owns Proppants' raw frac sand processing facility located in Blair, Wisconsin. Blair has 1,285-acres of Northern White reserves, with a plant processing capacity of approximately 2.86 million tons of 20/100 frac sand per year.
Under the terms of the transaction, the Partnership will pay cash consideration of $75 million to Proppants, issue 7,053,292 of common units, and pay up to $10 million of contingent earnout consideration. At the closing of the acquisition, the Partnership will own all of Blair's membership interests. The acquisition is expected to close in September 2016, subject to regulatory approvals and other closing conditions.
Lazard Frères & Co. LLC acted as financial advisor to Proppants. Evercore Partners L.L.C. advised the Conflicts Committee, comprised entirely of independent directors of the Board of Directors of the general partner of the Partnership, which unanimously approved the transaction.
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Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesLazard, Definitive Agreement
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