Basic Energy Services announced the acquisition of NexTier's production operations for a consideration of $94 million. This business was formerly known as C&J Well Services which was established in 1948 in San Angelo, Texas by Frank Pool as well Pool Well Servicing. This company is the third largest rig servicing provider in the US with a leading footprint in California. Current leader Jack Renshaw will join Basic to lead the newly formed Western Region consisting of California and the Rocky Mountain operations.The Basic board of directors will be expanded to seven directors including two new directors appointed by Ascribe Capital.
The transaction includes $59 million in cash and bridge financing of $15 million committed by Ascribe Capital as well as $34 million senior secured notes from Ascribe. Morgan Stanley served as Basic's financial advisor with Lazard advising the Basic board of directors.