TerraVest has announced its acquisition of Highland Tank and LV Energy Services

The total purchase price of US$78 million equates to a purchase price multiple on trailing twelve-month EBITDA of approximately 4.0x.

As part of the transaction, John Jacob, entrepreneur, and existing owner of Highland Tank will retain the role of President and continue to manage operations. Of the US$78 million purchase price, US$5 million will be retained by Mr. Jacob in the form of TerraVest shares.

“Joining with TerraVest, offers a tremendous opportunity to the people of both companies to accelerate our combined growth given our strengths and complementary products. I look forward to leading Highland Tank as it takes the next steps in its 75+ year history.” said Mr Jacob.

Dustin Haw, Chief Executive Officer of TerraVest, said: “Highland Tank is a strong business, a leader in its industry and a self-sufficient operation. We’re delighted to welcome its employees to the TerraVest family. Highland Tank fits within our portfolio of businesses perfectly and we look forward to leveraging our product suite and scale to enhance Highland Tank’s growth.”

TerraVest has also announced that, through its partially-owned subsidiary Green Energy Services Inc., it has acquired all the issued and outstanding shares of LV Energy Services Ltd for US$25 million. LV Energy Services Ltd provides water management and other related services in the Western Canadian energy industry.

Ken Wagner, President of Green Energy Services, said: “Green Energy Services, operating as Fraction Energy Services, is extremely excited to have Jason and his LV team join the Fraction family. LV Energy Services is a premier heating company in Canada with an excellent culture that will align with TerraVest and the GES Group.” said Mr Wagner.

Read the article online at: https://www.tanksterminals.com/storage-tanks/06112023/terravest-has-announced-its-acquisition-of-highland-tank-and-lv-energy-services/