Sherwood Park, Alberta, March 2, 2021 (TSXV:VTX) – Vertex Resource Group Ltd. (“Vertex” or the “Company”) is pleased to announce that it has acquired MAD Oilfield Solutions (MAD), a privately-held company providing environmental services specializing in industrial cleaning, waste management and hydro-excavating, based out of Northern Alberta. The acquisition of MAD will add over 50 specialized units, along with other equipment to Vertex’s fleet.
MAD is a leader in the industry, delivering quality services to clients throughout Northern Alberta for over 20 years with significant growth potential. MAD has excellent multi-year contracts in place with their customer base for industrial cleaning, maintenance, operational support, and waste management. This acquisition will strengthen Vertex’s presence in the oilsands by adding MAD’s locations in Fort McMurray and Lac La Biche to better service existing clients.
“This acquisition will greatly enhance Vertex’s industrial cleaning asset base and capabilities, allowing Vertex to execute larger maintenance opportunities. Their strong leadership, operational excellence and safety culture will integrate well with Vertex’s culture and core values” said Terry Stephenson, CEO and President of Vertex.
“The acquisition will position the combined MAD/Vertex Team with numerous opportunities to grow market share and offer more diverse service lines to our valued current and future customer base” said Corey Madill, President of MAD Oilfield Solutions.
The Acquisition was completed for a purchase price of $7.2 million and the assumption of $9.1 million in equipment loans and capital leases. Vertex will use its existing credit facilities to fund the acquisition.
Established in 1962, Vertex has grown to become a leading provider of environmental services. Headquartered in Sherwood Park, Alberta, Vertex employs a staff of approximately 650 employees that provide services to help clients achieve their development goals. From initial site selection, consultation, and regulatory approval, through construction, operations, and maintenance, to conclusion and environmental cleanup, Vertex provides a wide array of services to customers operating in industries such as oil and gas, utilities, telecommunication, forestry, agriculture, mining, and government.
Vertex operates throughout Canada and the United States.