Weekly Energy Newsletter

News Items Ending December 9, 2024

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Mergers and Acquisitions:

  • TerraVest Industries Inc. (TSX:TVK), through its partially owned subsidiary Green Energy Services Inc., has agreed to acquire the Canadian assets of Aureus Energy Services Inc., a water management and hot oiling services company based in Grande Prairie, Alberta and Fort St. John, British Columbia. Aureus will retain its U.S. business.

  • Mullen Group (TSX:MTL) has acquired Pacific Northwest Investments Inc. and subsidiary Pacific Northwest Moving (Yukon) Ltd., a provider of less-than-truckload (LTL) services from two owned terminals in Whitehorse and Edmonton. The deal expands Mullen’s operations in Yukon and Northern Alberta, adding over $25MM in annual LTL revenue.

  • CDN Controls ULC, a Calgary-based electrical & instrumentation company has acquired Superior Optimization, a Texas-based automation machinery manufacturing company, expanding its capabilities in electrical, instrumentation and automation services. As part of the acquisition, the head office will relocate to Houston, with existing branch operations maintained. The business will rebrand as CAVIS Energy.

  • TransAlta Corporation (TSX:TA) has completed its $542MM acquisition of Heartland Generation Ltd. and Alberta Power (2000) Ltd., utility contractors based in Calgary, from Energy Capital Partners (ECP), with a net cash payment of $215MM after adjustments. To comply with the Competition Bureau, TransAlta will divest Heartland's Poplar Hill and Rainbow Lake assets, with proceeds going to ECP.

Financing:

  • Mattr Corp. (TSX:MATR) announced a private placement of 125,000 debt subscription receipts to raise $129.3MM in gross proceeds. The receipts convert into 7.25 per cent senior unsecured notes due April 2, 2031, upon closing conditions. Proceeds will fund part of Mattr's acquisition of AmerCable Incorporated, expected to close in Q1 2025.

Other

  • OPEC+ will delay its planned oil output increase until April 2025, gradually easing the latest production cuts through 2026 to support the market.