TriWest Capital Partners Announces Investment in Source Energy Services
December 5, 2013 – TriWest Capital Partners is pleased to announce that it has invested in Source Energy Services (“SES” or “the Company”) in partnership with the Company’s existing shareholders and senior management team. This investment represents TriWest’s fourth portfolio company investment in Fund IV.
SES has over a decade of proppant supply and oilfield logistics experience. The Company serves the entire proppant supply and logistics chain with operations that include the mining and processing of sand, rail terminalling and transloading, trucking and custom solutions for high capacity, non-pneumatics proppant storage and handling at the well site. Through a network of 11 terminals, and another four currently under construction, SES is capable of delivering high quality Wisconsin sand to the Western Canadian Sedimentary Basin as well as the Eagle Ford and Bakken basins.
TriWest’s investment in SES will be used to support the continuing development of SES Proppant distribution network. The addition of new unit train capable terminals in Wembley/Grande Prairie, AB (opening November 2013) and the southern Eagle Ford Shale (opening early 2014) will triple the storage capacity of the Company’s network of rail terminals, making it one of the largest distribution networks in North America. These facilities will also support Source Energy Services’ newly commissioned proppants division which will provide a dedicated supply of high quality Northern White sand from its Wisconsin mine cialis and processing facility. In addition, the capital will be used to expand SES Field Solutions Division, which has moved from its pilot phase into commercial operations and will see rapid deployment of the company’s proprietary proppant storage and delivery equipment that’s being embraced by the industry.
“We are very pleased to partner with SES’s existing shareholders and senior management team,” said TriWest’s Senior Managing Director, Cody Church. “We’re excited about the Company’s position within the Canadian and U.S. proppant supply chain and look forward to working with the Company on a number of exciting growth initiatives.”
Source Energy Services President and CEO, Brad Thomson, commented, “We believe TriWest will make a great partner for Source Energy Services as we embark on the next chapter of growth. The TriWest team has the bench strength to assist our Company as we continue to rapidly expand.”
Founded in 1998, TriWest is one of Canada’s leading private equity firms. Having raised over $775 million of committed capital, we are entrepreneurial, independent and based in Western Canada.