Flint Energy Services Acquires Denmar Energy Services
Flint Energy Services has acquired the Denmar Energy Services Group, a privately held operation based in Bonnyville, Alberta. Denmar provides small diameter pipeline, facilities construction and maintenance, fabrication and general mechanical and contract operator services in the active in-situ and conventional heavy oil areas of eastern Alberta as well as servicing natural gas installations. Garry Lapointe and Roger Fortier, the principals of Denmar, will continue to oversee and manage ongoing operations.
"We are very pleased to welcome the Denmar group and their employees to the Flint family. The addition of their people and facilities capabilities makes our combined group a true leader in the area. We look forward to working with Garry and Roger to enhance what we can offer both Flint's and Denmar's customers, as well as providing opportunities for all of Denmar's valued employees. We anticipate that Denmar will be able to build on its prior year's revenues of approximately $50 million and to produce operating earnings consistent with Flint's Production Services business unit's results," said Bill Lingard, President and CEO of Flint.
"This is a great step in the evolution of the Denmar operation," said Garry Lapointe, President of Denmar. "By partnering with Flint we will be able to do more for our customers, with the best safety, quality and project management systems in our part of the industry and provide long term growth opportunities, employment and rewards for the people that have contributed to the growth of the Denmar Group."
Flint funded the acquisition from cash on hand raised in its recent share offering, as well as the issuance of shares and notes payable to the principals of Denmar.
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