Source Energy Services completed US $45M acquisition of Sand Products Wisconsin LLC

TriWest owned Source Energy Services postpones $300M IPO

Source Energy Services Ltd., a portfolio company of TriWest Capital Partners, said its proposed initial public offering is being postponed due to current adverse capital market conditions.

Source Energy Services said its preliminary prospectus filed with securities commissions or similar authorities in all of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment.

Source Energy Services Ltd. has intended to raise $300 million by way of a treasury offering of $275 million and a secondary offering of $25 million by selling shareholder at a price between $14 and $20 per share. Source Energy Services would be valued at $902 million at $20 per share.

Selling shareholders include TriWest Capital Partners, Sand Ventures, Source Energy Services New Partners Investment, Jim McMahon and McMahon Family Trust.

TriWest Capital Partner IV acquired Source Energy in October 2013 for undisclosed amount.

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TriWest’s Source Energy Services files for IPO

photo credit: Source Energy Services

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.