AUSTIN, TX, Sept. 18, 2014 (GLOBE NEWSWIRE) -- Westlake Securities, LLC is pleased to announce the sale of Ritter Construction Company to US Shale Solutions, Inc.
Westlake Securities was sole financial adviser to Ritter. Terms of the transaction were not disclosed.
Carthage-based Ritter Construction Company is a full-service pipeline construction company providing a range of midstream infrastructure and production equipment installation services to natural gas gathering, processing and transmission companies and to oil and gas producers in Texas and Louisiana.
In July, Ritter contracted to become a wholly-owned subsidiary of US Shale, which was also in the process of buying three other oilfield companies. US Shale issued $210 million Senior Secured Notes (Due 2017) to partly fund the acquisitions at an aggregate purchase price of $261 million. In becoming a subsidiary of US Shale, Ritter and the other companies are guarantors for the notes.
Randolph Ewing, Partner and Managing Director of Westlake Securities, says "Ritter is in a unique position to capitalize on the activity associated with the Haynesville Shale, Eagle Ford Shale and Permian Basin natural gas and oil fields. They already have an established customer base with good revenue so were ideal for acquisition by a new player like US Shale.
"This deal was unusual in that it was part of a combination transaction and contingent on three other energy service companies simultaneously being acquired to provide synergy between the four operating companies. Ritter served as the platform as it was significantly larger than the other three companies."
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