Daseke Inc. has entered into a merger agreement with Aveda Transportation and Energy Services, one of the largest oil rig moving companies in North America. Aveda owns one of the largest and youngest fleets in the industry, with approximately 430 tractors, 660 trailers and 200 light-duty trucks.
Under terms of the agreement, Daseke will pay $0.71 per share, plus the assumption of Aveda debt and up to $0.36 per share in cash-contingent consideration to be paid based on EBITDA earnings. The transaction is expected to close in June, subject to Aveda shareholder approval and other customary closing conditions.
Aveda’s revenue base is diversified across all seven of the major U.S. oil basins, which account for nearly 90 percent of its revenue. Aveda owns approximately 1,300 pieces of equipment, and a November 2017 outside equipment appraisal valued Aveda’s machinery and equipment at approximately $90 million.
For more information, visit www.daseke.com or call (972) 248-0412.