Fort Worth-based CIG Logistics announced Feb. 16 that it has acquired the SANDSTORM product suite from Propell Oilfield Equipment, a TYCROP company.
SANDSTORM is a last mile frac sand logistics and well site storage solution designed to increase well-site efficiency, automation, capacity, safety and quality, while reducing transportation costs and environmental impact through its patented, gravity fed solution. CIG Logistics has combined SANDSTORM with its existing transload terminal footprint and proprietary PropLogistics software. With this acquisition, CIG Logistics is expanding its service offering to become a complete end-to-end logistics solution for its customer base of leading oil and natural gas exploration and production companies, oilfield services providers and proppant producers.
“We’ve worked closely with our customers to understand their needs and identify safe and efficient logistics solutions in the market to enhance their operations,” said Jonathan Green, CIG Logistics CEO. “We’re excited about the acquisition of the revolutionary SANDSTORM product offering and look forward to helping our customers further improve well-site efficiency and safety while reducing costs.”
Simmons and Company International, Energy Specialists of Piper Jaffray, worked as exclusive financial advisor to Propell and TYCROP on the transaction. No price was disclosed on the transaction.
www.ciglogistics.com