02:48:42 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Enerflex Ltd
Symbol EFX
Shares Issued 88,530,398
Close 2017-07-28 C$ 17.85
Market Cap C$ 1,580,267,604
Recent Sedar Documents

Enerflex closes contract compression acquisition

2017-07-31 14:04 ET - News Release

Mr. Blair Goertzen reports

ENERFLEX COMPLETES PREVIOUSLY ANNOUNCED STRATEGIC ACQUISITION OF A US BASED CONTRACT COMPRESSION BUSINESS

Enerflex Ltd., through its U.S. entity (Enerflex Energy Systems Inc.), has completed its previously announced acquisition of the contract compression business of Mesa Compression LLC.

The transaction is consistent with Enerflex's objective of increasing recurring revenue streams and expanding in the U.S. market while supporting the company's strategy of being a global supplier of turnkey energy solutions through compression, processing, electric power equipment sales, after-market service and contract operations.

Mesa is a supplier of contract compression services with operations in Oklahoma, Texas and New Mexico. Key energy infrastructure assets acquired by Enerflex pursuant to the acquisition includes 689 compression packages totalling approximately 112,000 horsepower, running at utilization levels above 85 per cent and having an average fleet age of approximately seven years. Over 50 employees and all members of Mesa's senior operations team have joined Enerflex.

The acquisition provides Enerflex with an established and growing contract compression platform in the United States with attractive margins and recurring revenue. It accelerates Enerflex's ability to deliver full-cycle contract services in the region and provides the company with increased coverage in the Permian and Scoop/Stack basins. The strategic fit between both organizations, the talented resources and the growth opportunities will enhance the company's position in the contract compression business.

The acquisition was financed through a combination of cash on hand and drawings on the company's existing syndicated credit facility.

About Enerflex Ltd.

Enerflex is a single-source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment -- plus related engineering and mechanical service expertise.

Headquartered in Calgary, Canada, Enerflex has approximately 1,800 employees around the world. Enerflex, its subsidiaries, interests in associates and joint ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, Peru, Australia, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Indonesia, Malaysia and Thailand.

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