CEDA has acquired Breakthrough Oilfield Services Ltd, a Dawson Creek, British Columbia-based industrial and field services company serving the oil and gas industry.
No financial terms were released for the deal, which saw CEDA buy the business from owner and operator Derek Loomis.
CEDA, a Calgary-based provider of maintenance, turnaround, construction and project services to a range of industries, said the acquisition complements its offerings and grows its regional presence.
CEDA is a portfolio company of OMERS Private Equity, the private equity arm of the Ontario Municipal Employees Retirement System (OMERS). It was acquired by OMERS in 2005 from Precision Drilling Corp for $274 million.
Update: This article has been updated to show OMERS Private Equity as CEDA’s investor. It was previously reported that the company was backed by OMERS Infrastructure.
CEDA Acquires Breakthrough Oilfield Services Ltd.
CALGARY, July 5, 2018 /CNW/ – As CEDA looks to further expand its geographic presence and service offerings in key resource plays within the Western Canada Sedimentary Basin, we are excited to announce the acquisition of Breakthrough Oilfield Services Ltd. (Breakthrough), based in Dawson Creek, British Columbia.
Breakthrough, a growing industrial and field services company delivering service offerings related to the production and processing of oil and natural gas liquids, was owned and operated by Derek Loomis.
We are pleased to announce that Mr. Loomis, along with Breakthrough’s talented and experienced workforce, will be joining the CEDA team. As well, we will be adding Breakthrough’s pressure trucks, hot oilers, fluid haulers, tank trucks, hydro vacuum and combination vacuum units to our ever-growing fleet.
“The addition of Breakthrough Oilfield Services ties in well with our existing operations in the prolific Montney region and complements our core service offerings,” said Kevin Fleury, President and Chief Executive Officer of CEDA. “This acquisition strategically aligns with our vision for continued growth and expands our presence in this region,” Mr. Fleury added.
Derek Loomis said: “We’re excited to join a successful and a growth oriented organization that can provide complementary service offerings to our existing client base. The sale also provides our employees development opportunities within a larger organization.”
Redcap&Truss acted as the Exclusive Financial Advisor to Breakthrough.
With approximately 2,000 employees, CEDA is a leading industrial services company providing maintenance, turnaround, construction and project services to clients in the oil and gas, pipeline, power, pulp and paper, chemical, mining, municipal and steel markets for over 45 years. CEDA has offices throughout North America and delivers more than 120 distinct services to support critical operations at its clients’ facilities. CEDA is committed to delivering world-class solutions through innovative technologies, equipment and processes, always with safety top of mind. For more information, visit www.CEDA.com.
About Breakthrough Oilfield Services Ltd.
Breakthrough Oilfield Services, based in Dawson Creek, British Columbia, owns and operates a fleet of pressure trucks, hot oilers, fluid haulers, tank trucks, hydro vacuum and combination vacuum units. The team at Breakthrough Oilfield Services is dedicated to providing world-class client based solutions.
For further information: Trish Kloberdanz, Corporate Communications Manager, CEDA, Direct: 403-476-5643, Cell: 403-808-5239, firstname.lastname@example.org