OKLAHOMA CITY, Feb. 4, 2020 /PRNewswire/ -- Energy and Environmental Services, Inc. (OTC: EESE) announced that it has acquired Abilene Celex Services, LLC, a Texas-based oilfield chemical provider. EES bought all the membership interests for $325,000 as of February 1, 2020.
EES's management estimates that pro forma combined revenues for 2019 with Celex would be approximately $9.5 million. Management believes Celex contributes about $700,000 to that revenue amount after adjusting for intercompany transactions.
"Growth through acquisitions has proven successful for many companies in the past and we believe and are hopeful our strategy will produce a championship quality organization in our industry," said CEO Leon Joyce. "We are very excited about the individuals joining our team with the acquisition of Celex."
Joyce added, "For us, acquiring Celex continues a key initiative to gain market share through mergers and acquisitions. This strategic move allows us to manufacturer field ready products for Celex in our Snyder, Texas plant. The freight savings and combined volume discounts will go a long way to help the ROI with this purchase."
Energy and Environmental Services, Inc. (OTC: EESE) based in Edmond, Oklahoma, participates in the oilfield chemical, anti-corrosive coatings and biotech industries. EES was established in 1991 and management has over 50 years of experience blending, manufacturing and packaging custom liquids and solid chemicals for the oil, gas and agricultural industries. Additionally, EES has expanded to develop innovative products and applications for enzyme system technologies and livestock feed supplements.
Company website www.eesokc.com
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Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Energy and Environmental Services actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Energy and Environmental Services expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Energy and Environmental Services, Inc.