Vivakor Finalizes $120 Million Acquisition of Endeavor Crude Transport Firms
(P&GJ) — Vivakor Inc., an energy transportation, storage, and remediation services company, has received board approval to finalize the $120 million acquisition of Endeavor Crude, LLC, Meridian Equipment Leasing, LLC, Equipment Transport, LLC, and Silver Fuels Processing, LLC.
The deal, which closes on October 1, 2024, integrates these midstream logistics businesses into Vivakor's operations.
The Endeavor entities collectively manage a large-scale oilfield trucking fleet, transporting crude oil, petroleum products, and produced water across the U.S. They are also involved in blending, processing, and remediating hydrocarbons, with facilities linked to pipeline networks. Their operations have key partnerships in regions such as the Permian Basin, Eagle Ford Basin, and Oklahoma's STACK play.
For the first half of 2024, the Endeavor entities generated $47.3 million in revenue and $9.3 million in EBITDA, with an annual projection of $94.6 million in revenue and $18.6 million in EBITDA.
"The acquisition of the Endeavor Entities is a significant milestone for Vivakor," said James Ballengee, Vivakor's chairman, president, and CEO. "They strategically integrate with our existing Colorado City, Texas, and Delhi, Louisiana, facilities, providing an immediate platform for our company to expand."
The $120 million purchase includes a mix of company stock and Series A Convertible Preferred Stock, with adjustments for assumed debt and earn-outs.
"Vivakor now owns and operates one of the largest combined fleets of oilfield trucking services in the continental U.S. Our integrated logistics solutions, which include blending, reuse, and remediation services, give us a key competitive advantage," Ballengee added.
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