High Plains Gas to purchase Miller Fabrication
High Plains Gas, Inc. announced the signing of a purchase and sale agreement for the acquisition of Miller Fabrication, LLC., a Douglas, WY-based facility construction company serving the energy industry.
High Plains Gas, Inc. (OTC:HPGS) announced the signing of a purchase and sale agreement (PSA) for the acquisition of Miller Fabrication, LLC., a Douglas, WY-based facility construction company serving the energy industry. The agreement calls for the complete purchase of Miller Fabrication by High Plains Gas, Inc., in exchange for cash and HPGS common stock, with final terms to be announced at closing, per a non-disclosure clause in the agreement. This acquisition will have an effective date of October 1, 2011 and is expected to close on or before November 9, 2011.
Brandon Hargett, CEO of High Plains Gas, commented, “The acquisition of Miller Fabrication is an important step for High Plains Gas because it immediately broadens our increasing position in the energy construction industry, while also diversifying our revenue streams. High Plains Gas possesses the facilities and infrastructure that will augment Miller Fabrication’s ability to continue its growth well into 2012 and beyond by allowing them to take on larger projects.”
Ty Miller, President of Miller Fabrication, said, “The entire Miller team is excited for the opportunity to be a part of High Plains Gas. I strongly believe that we can achieve stronger, more robust growth by combining the companies and focusing on our strengths. The net result of the merger will be a well-rounded company with broad capabilities that has the competence and talent needed to succeed in sustaining our current growth curve.”
Genesis Capital, LLC acted as financial advisor to Spectrum Brands Holdings, Inc., while Barnes & Thornburg LLP provided legal counsel. Deutsche Bank Securities Inc. acted as financial advisor to The Homax Group, Inc., while Kirkland & Ellis LLP provided legal counsel.
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