Liberty Oilfield Services Acquires PropX in $90 Million Deal
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Liberty Oilfield Services has acquired PropX for an aggregate purchase price of approximately $90 million, subject to normal closing adjustments.
Founded in 2016, PropX is a leading provider of last-mile proppant delivery solutions including proppant handling equipment and logistics software across North America. PropX offers innovative environmentally friendly technology with optimized dry and wet sand containers and wellsite proppant handling equipment that drive logistics efficiency and reduce noise and emissions. PropX wet sand handling technology is a key enabler of the next step of cost and emissions reductions in the proppant industry. PropX also offers customers the latest real-time logistics software, PropConnect, for sale or as hosted SaaS service. PropX will continue to sell and deliver these solutions industry-wide.
The transaction positions Liberty as an integrated provider of completion services with proppant, equipment, logistics and integrated software that will improve Liberty’s operational and logistics efficiency. The company also expects the leading-edge wet sand handling technology to reduce the environmental impact and cost of completions for Liberty’s frac customers and the industry.
“We have a relentless focus on building value over the long term, and we are pleased to announce the acquisition of PropX, at a highly accretive valuation multiple. The addition of PropX integrates the latest proppant delivery technologies and software into our supply chain and brings advanced, ESG-friendly wet sand handling technology and expertise that we can bring to the whole industry. Together, we believe these solutions will reduce the environmental impact of last-mile delivery and lower our total delivered cost to our customers,” said Chris Wright, chief executive officer.
“This acquisition exemplifies our strategy of investing for the future and maintaining a clear focus on technology innovation, highly efficient operations and a strong balance sheet to deliver greater value for our shareholders through cycles,” added Wright.
About Liberty Oilfield Services
Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado.
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