- ProFrac announced an all stock deal for the equity of U.S. Well Services as it pursues its Acquire, Replace, Retire growth strategy.
- The combination produces the largest efleet frac company and second largest overall frac company while sporting best in class EBITDA margins.
- The deal makes sense to us for both names and has been approved by both boards.
- Our pro forma 2023 EBITDA puts the combined company forward multiple well discounted to its lower margin peer group.
For further details see:
ProFrac Gobbles Up U.S. Well Services: High Margin Clean Frac King In The Making