Lowenstein served as antitrust merger clearance counsel to ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac") in the closing of its acquisition of REV Energy Holdings, LLC, a privately owned pressure pumping service provider with operations in the Rockies and Eagle Ford.
ProFrac acquired REV for $140 million, consisting of $70 million in ProFrac Class B common shares, approximately $39 million in seller-provided financing, and the balance with cash on hand and debt assumption of approximately $5.5 million.
With this transaction, ProFrac expands its geographic footprint to include the Rockies and Eagle Ford. By the end of January, 2023, ProFrac expects to have 45 active fleets, with an additional four electric fleets under construction that the company expects to deploy in the first half of 2023.
Since June,2022, Lowenstein has advised ProFrac on the acquisition of Eagle Ford Sand Mines operations of Monarch Silica, LLC for $175 million; U.S. Well Services, Inc. for $270 million; REV for $140 million; and Performance Holdings for $475 million as part of the continuing expansion of its pressure pumping footprint and sand mine portfolio.
The Lowenstein antitrust merger clearance team is led by Jonathan L. Lewis and includes Zarema A. Jaramillo, Jack Sidorov, and Sydney J. Kaplan.