CEDA International Corporation, a portfolio company of OMERS Private Equity, has acquired Joe Loomis Trucking Ltd. (JLT) Financial terms were no disclosed.
OMERS Infrastructure, formerly known as Borealis Infrastructure, the infrastructure investment advisory and management arm of OMERS, acquired CEDA Holdings Ltd. from Precision Drilling Corporation (TSX: PD) for $274 million in 2005. CEDA was later consolidated into OMERS Private Equity portfolio holdings.
Joe Loomis Trucking operates a high quality fleet of hydro vacuum and combination vacuum units out of Dawson Creek, British Columbia in the heart of the prolific Montney natural gas formation.
Since 2006, Joe Loomis Trucking has built a strong and established market position in production and completions work with blue chip oil and gas operators in the region. The combination with CEDA will provide Joe Loomis Trucking with an expanded suite of maintenance and turnaround services and technical resources for significant growth opportunities in the Montney region that currently produces one third of Western Canada’s natural gas.
“Joe Loomis Trucking has built an excellent reputation around safety, service quality and client satisfaction,” said Kevin Fleury, President and Chief Executive Officer of CEDA. “We have pursued this acquisition with great enthusiasm and we are confident that it will provide CEDA an opportunity to expand our respective offerings to existing clients, as well as a stronger capability and track record for us to pursue new clients in the prolific Montney/Deep Basin play.”
JLT Chief Executive Officer Joe Loomis, who will become the operational Vice President of this new region for CEDA, said: “We are excited to announce this transformational deal with CEDA. Our business in the Dawson Creek area becomes a key part of a highly respected North American group, offering exciting opportunities for a suite of new services to our current customers and growth opportunities for the talented team here at Joe Loomis Trucking.”
With approximately 2,000 employees, CEDA is a leading industrial services company providing maintenance, turnaround, construction and project services to clients in the oil & gas, pipeline, power, pulp & paper, chemical, mining, municipal and steel markets for over 44 years. CEDA has offices throughout North America, and delivers more than 120 distinct services to support critical operations at its clients’ facilities.
Correction: CEDA, initially acquired by Borealis Infrastructure (OMERS Infrastructure), now is a portfolio company of OMERS Private Equity.
photo credit: Joe Loomis Trucking