Gordon Brothers Group and Hilco Industrial, a unit of Hilco Global, announced that they have acquired the assets of Preferred Sands Canada’s Hanson Lake facility in Saskatoon, Canada, in a joint venture.
The company recently made the strategic decision to exit its Canadian business, which resulted in the acquisition of the assets by the joint venture. The portfolio of assets consist of approximately $30 million at cost and includes more than 300 pieces of earth moving equipment, temporary housing and storage structures, silos, screening and processing equipment, construction equipment, and conveyors.
“We are pleased to be able to provide an exit to Preferred Sands from its Canadian operations so it can pursue its go-forward strategy,” stated Jim Lightburn, managing director of the Commercial & Industrial Division of Gordon Brothers Group.
Gordon Brothers Group has valued and monetized billions of dollars of energy and industrial assets worldwide, according to the company. In 2014, Gordon Brothers appraised more than $3 billion of energy assets and also undertook the largest hydraulic fracturing disposition project of its kind for Green Field Energy Services, involving a portfolio of equipment valued at more than $250 million.
Hilco Industrial has valued and monetized billions of dollars of industrial assets and is currently working with the world’s leading energy and global geophysical companies who service the oil and gas industries.
While the Preferred Sands’ assets have served sand mining applications for the oil and gas industry, they have adjacent uses in many other industries, including general mining, construction and infrastructure development.
Preferred Sands’ mines have a production capacity of over 9 billion lb. of sand annually and it distributes to all major basins in the U.S. and Canada.