's wholly owned subsidiary, Quality Carriers
, has purchased the operating assets of Trojan Vacuum Services from Wiley Lease Co. for $8.7 million in cash.
An additional $1 million in cash consideration may be payable to the seller if Trojan meets certain future financial performance criteria.
Headquartered in Pleasanton, Texas, Trojan provides transportation services to the unconventional oil and gas industry within the Eagle Ford shale region, primarily hauling flowback and production water for various energy customers. In conjunction with the transaction, Quality has entered into a water disposal services agreement for the exclusive right to utilize Seller's disposal water capacity within its fluid disposal wells, which the Seller has retained.
For its most recent fiscal year, Trojan had revenues of approximately $13.5 million. Quality expects the acquisition to be accretive to earnings beginning in the second quarter of 2012.