Willow Park-based ProFrac Holding Corp. said last month it agreed to acquire SP Silica and SP Silica Sales of Monahans for $90 million and U.S. Well Services, a leading provider of electric pressure pumping services, in a stock transaction. SP Silica provides nearly 3 million tons of annual sand production capacity and nearly 25,000 tons of on-site storage. Matt Wilks, ProFrac executive chairman, said the deal for subsidiaries of Signal Peak Silica will “expand our total to three in-basin sand mines” and give ProFrac sand production annual capacity of 6 million tons.
Enverus said ProFrac’s acquisition of U.S. Well Services creates the largest provider of electric frac services with 12 electric fleets, and also it gives ProFrac access to USWS’ leading intellectual property, including more than 110 patents, that produced the market’s first e-fleet deployment in 2014. Enverus values the deal at $226.6 million. The transaction expands ProFrac’s fleet to 44 active fleets by yearend, including 13 tier IV dual fuel fleets and 3 tier IV diesel fleets. Wilks added, “The acquisition of U.S. Well Services solidifies ProFrac’s position as an industry leader in electric hydraulic fracturing, which we believe represents the future of the industry… It is a true win-win scenario for us, our customers, the environment and the communities in which we operate.”