We, at Profire Energy, are excited to announce the acquisition of Ohio-based Midflow Services, LLC. We purchased all outstanding membership interests of Midflow from their prior owners (the “Sellers”). This acquisition further supports our continued efforts to provide our customers with the highest quality service, support, and performance-based solutions.
Below we've provided answers outlining material information related to questions you might have. For further information, please reach out to us anytime at 855.PRO.FIRE or firstname.lastname@example.org.
Why is this deal important to Profire's Strategy?
Strengthens Profire’s position in the Northeastern United States
Increases Profire’s customer base
Adds an additional 65 years of combined oil and gas experience to Profire’s existing 356 years of combined industry expertise.
Who is Midflow Services?
Midflow Services provides products and services for the production, processing, and transportation of oil and natural gas. With decades of experience in the energy industry, Midflow has developed an unmatched reputation of reliability. Their innovative designs increase equipment efficiency and optimize production by decreasing downtime while maintaining safety and compliance.
Founded in 2012, a reputable name in the Marcellus and Utica shale play due to their expertise and experience.
Material Financial Information
$3.4 million USD – total transaction value, $2.4 million cash and $1 million Profire stock
$500,000 of the cash portion of the purchase price has been placed in a one-year escrow to secure the Sellers’ post-closing obligations to Profire
Profire expects $2.5 to $3.5 million in additional revenue annually
What products or services does Midflow Services offer?
Midflow products and services include:
High-performance burner management solutions that have been designed to utilize Profire’s BMS systems
Burner management solutions that will leverage Profire’s recent acquisition of the Millstream product line of burners, flame-arrestor housings and air-plates.
Up-stream Production Field Services including commissioning, trouble-shooting, combustion analysis and installations