Select Energy Services, Inc. acquired Breakwater Energy Partners, LLC for approximately $100 million.
November 31, 2022
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Select Energy Services, Inc. (NYSE:WTTR) acquired Breakwater Energy Partners, LLC for approximately $100 million on November 1, 2022. As part of the transaction, Select issued a total of 10.1 million shares of Select Class A common stock at par value $0.01 per share and repaid or assumed approximately $12.6 million of outstanding indebtedness and other obligations, subject to customary post-closing adjustments. In a related transaction, Select Energy Services acquired Bakken Shale water gathering pipeline and disposal assets from Cypress Environmental Services. On a combined basis, the acquired operations from Breakwater and Cypress are expected to generate approximately $110 ? $115 million of revenue and more than $30 million of Adjusted EBITDA on a 2022 full year basis, with a strong trajectory and room for growth in 2023.
BofA Securities, Inc. and Raymond James & Associates, Inc. acted as financial advisor and Steve Gill ,Lina Dimachkieh, Sarah Mitchell, Matt Dobbins, Guy Gribov, David Alessandro and Sean Becker of Vinson & Elkins acted as legal counsel to Select. Jefferies Financial Group Inc. (NYSE:JEF) acted as exclusive financial advisor and Locke Lord LLP acted as legal counsel to Breakwater.
Select Energy Services, Inc. (NYSE:WTTR) completed the acquisition of Breakwater Energy Partners, LLC for approximately $110 million on November 1, 2022. The consideration transferred consisted of 9,181,144 shares of Class A common stock, $10.5 million of debt that was paid off at closing as part of consideration exchanged, $3.8 million in change-of-control payments and $2.4 million in seller transaction costs.
Select Water Solutions, Inc. is a provider of sustainable water and chemical solutions to the energy industry. The Company operates in three segments: Water Services, Water Infrastructure, and Chemical Technologies. The Water Services segment consists of its services businesses, including water sourcing, water transfer, flowback and well testing, fluid hauling, water monitoring, water containment and water network automation, serving exploration and production (E&P) companies. The Water Infrastructure segment provides recycling, gathering, transferring and disposal of water. Its operations are enabled by a network of permanent pipeline infrastructure, semi-permanent pipeline infrastructure, water recycling facilities, earthen pits, water sources and SWDs. The Chemical Technologies segment develops, manufactures, manages logistics and provides a full suite of completion chemical products utilized in hydraulic fracturing, stimulation, cementing and related well completion processes.
SELECT WATER SOLUTIONS, INC. 
