Allentown-based American Energy Partners, Inc. announced Monday that it had completed its acquisition of Apex Energy Service, LLC. From Canonsburg.
Effective Jan. 1, 2022, the acquisition was funded through a combination of cash, conventional debt, and common stock. A final transaction cost was not released.
Apex, a regional provider of services in Ohio, West Virginia, and Pennsylvania, provides oil and gas services, facilities maintenance, and logistics services.
“I could not have envisioned a better scenario for not only the founders of Apex but for Apex as a whole,” said Albert Bove Jr., who will remain President of Apex. “American Energy brings an entire suite of know-how, and I couldn’t be happier to be a part of their growing family.”
The acquisition represents an increase in annualized unaudited revenue of approximately $7 million starting in the first quarter of 2022, which will increase America Energy’s forecasted 2022 revenue to $13 million. The company said that American Energy will bring in 55 employees from Apex, bringing its total employee count to about 100. Additionally, the deal will add three facilities in Canonsburg, Penn.; Monongahela, Penn.; and Wheeling, W.V. to American Energy’s assets.
“The Apex transaction is significant in the growth story of American Energy,” American Energy’s CEO Brad Domitrovitsch. “We continue to deliver on our objective of filling our Company with high quality, cash flowing assets that are backed by exceptional management teams. We are looking forward to another high growth year with 2022 off to a promising start.”