Hi-Crush Partners, a Houston-based proppant company, Tuesday announced that it has completed the acquisition of a Pennsylvania sand company, extending its geographic reach.
The $125 million deal for D&I Silica includes $95 million in cash and 1.579 million units priced at $19, according to the company.
Hi-Crush launched in July 2011 with the operation of a 600-acre sand mining facility in Wisconsin, producing Northern White monocrystalline sand for use in hydraulic fracturing. It launched an initial public offering a year later.
It acquired a 1,000-acre sand facility in Wisconsin earlier this year.
The acquisition of D&I Silica, based in Sheffield, Pa., will strengthen the company’s logistics capabilities, company officials said.
“With the acquisition now complete, we have extended our geographic footprint and asset base and now own and operate the largest distribution network in the Marcellus and Utica shales,” co-chief executive officer Jim Whipkey said in a statement.