Allentown-based American Energy Partners, a diversified energy company, recently announced that it has agreed to acquire an unnamed privately held energy services company for an undisclosed amount.
The company is funding the purchase through a combination of cash and conventional debt.
The company reduces customers’ environmental footprint by providing decommissioning, abandonment, and reclamation services for oil and gas assets. It operates in Pennsylvania, Ohio, and West Virginia.
“Today’s announcement shows our commitment to company growth and increasing shareholder value,” Brad Domitrovitsch, American Energy CEO, said. “In addition, this acquisition demonstrates American Energy’s assurance and contribution to a clean energy transition, with our focus on energy services that promote sustainability and environmental, social, and governance best practices.”
The deal is expected to close on Oct.1 and is subject to customary closing conditions.
Once completed, American Energy forecasts the purchase will increase the company’s annualized revenue by more than $3 million.
Consolidated revenue for fiscal year 2022 is forecasted to be more than $5 million.
American Energy Partners’ various subsidiaries provide energy education, oil and natural gas production, geotechnical consulting services, and water treatment and distribution. The company trades on as AEPT, an over-the-counter service instead of a major exchange.