Aveda Transportation and Energy Services, Inc., a supplier of oilfield hauling services and equipment rentals for the energy industry, recently agreed to acquire Hodges Trucking LLC.
Hodges Trucking is a wholly owned subsidiary of Seventy Seven Energy, Inc. and is based in Oklahoma City, Oklahoma. The company owns an estimated 900 prices of heavy-haul and rig-moving equipment, including 400 trailers, 200 haul trucks, 35 cranes, 70 bed/pole trucks, 160 service vehicles and 40 forklifts/loaders. Established in 1933, Hodges has terminals throughout Texas, Oklahoma and Ohio. It employs more than 300 people.
Aveda supplies specialized transportation equipment and services for the development, production and exploration of petroleum resources. It has facilities in Pennsylvania, North Dakota, Oklahoma and Texas, as well as the Western Canadian Sedimentary Basin.
Aveda’s current senior credit facility will finance the transaction. There also will be a seller take-back note, which guarantees security through a second lien on all of the company’s accounts receivable and fixed assets.
The transaction is scheduled to close on June 15. There are still a number of standard conditions that must be agreed on before the sale is officially closed.
