Midland-based ProPetro Holding said Monday it acquired Aqua Prop, Midland-based provider of wet sand solutions. The all-cash acquisition, valued initially at $35.6 million, advances ProPetro’s commitment to delivering more integrated industrial solutions. Sam Sledge, CEO, said, “The acquisition of Aqua Prop aligns seamlessly with our strategy of pursuing more innovation and integration for our disciplined operating model and high grading our capital allocations.” He said the acquisition is “highly complementary to our core business” of providing integrated completion services to leading upstream oil and gas companies.
ProPetro will own and provide onsite sand storage and handling while also leveraging agreements for both logistics and preferred access to wet sand supply.