Vertex Resource Group Ltd (TSX-V: VTX) has acquired the business of TSL Industries, a Kola, Manitoba-based provider of vacuum, hydro vac, fluid hauling, hot oiling and pressure truck services. No financial terms were released. TSL, established in 2001, serves the oil and gas industry as well as other sectors, such as utilities. Vertex, a Sherwood Park, Alberta-based environmental and industrial services provider, said the deal grows its service offering and presence in Manitoba. Vertex last year closed an $85.8 million qualifying transaction to go public with the backing of Canadian energy private equity firm 32 Degrees Capital.
Vertex Resource Group Ltd. Acquires Environmental Service Company in Manitoba
June 07, 2018
Acquisition of the Business of TSL Industries Further Expands Vertex’s Presence in Manitoba & Grows Vertex’s Service Offering
Vertex Resource Group Ltd. (“Vertex”) is pleased to announce that it has acquired the business of TSL Industries, an environmental services company that provides vacuum, hydro vac, fluid hauling, hot oiling and pressure truck services in Manitoba effective May 31st. TSL Industries’ company owned and maintained fleet of equipment is used to serve the oil and gas industry as well as clients in other sectors including utilities and municipal work in the Virden, Manitoba area.
In recent years, TSL Industries has made strides in developing its service offering outside of the oil and gas industry while maintaining its core service relationships and capabilities. This aligns with Vertex’s current strategy, making TSL Industries an attractive acquisition opportunity, as Vertex continues to make efforts to diversify its client base. This transaction further entrenches Vertex’s geographic presence within the province of Manitoba as Vertex will now offer additional environmental services including vacuum, pressure, hydro vac and fluid hauling services on a permanent basis. Vertex will now be able to more effectively service the province of Manitoba and the Williston Basin resource play with two new locations in Kola and Waskada.
This acquisition will expand Vertex’s service offering with the addition of a hot oiler that is used to perform clearing and preventative maintenance on wells, pipelines, tanks and various other operational lines that experience build up of wax and other debris. This service is extremely complimentary to Vertex’s service offering as both a stand-alone service and integrated as part of an industrial cleaning and turnaround service package.
Established in 1976, Vertex has grown to become a leading provider of environmental and environmentally focused industrial services. Headquartered in Sherwood Park, Alberta, Vertex employs a staff of approximately 750 employees that service a wide array of customers in industries such as upstream and midstream oil and gas, utilities, telecommunication, forestry, agriculture and government.
Vertex principally operates in western Canada and has some locations in the United States.
For further information please contact:
Terry Stephenson, CEO, or Michael Zvonkovic, CFO at Phone: 780-464-3295