Atlas Energy Solutions Acquires Hi-Crush Inc.

By Bobby Samwell • Wednesday, March 06 15:24 • Permanent Link

Atlas Energy Solutions Inc. has completed the acquisition of Hi-Crush Inc., solidifying its position as the largest proppant producer in the United States, with a combined annual production capacity of approximately 28 million tons. This acquisition is expected to drive operational efficiencies and further enhance the company's scale, innovation, and industry-leading margins and profitability. The acquisition also broadens Atlas's logistics offering through the addition of Pronghorn, a leading multi-basin provider of proppant logistics and wellsite services, strengthening its position in the Permian Basin.

In light of this significant development, the Board of Directors has appointed John Turner as the new Chief Executive Officer, effective March 6, 2024, while Bud Brigham will continue to actively serve as the Executive Chairman of the Board of Directors. This orderly leadership transition is the result of the company's consistent progress in establishing itself as a public company and the acquisition of a complementary business to enhance its scale and offerings across the Permian Basin and beyond.

John Turner, who is currently the President and CFO of Atlas Energy Solutions, will continue serving as the Chief Financial Officer while the company conducts a search for a new CFO. His appointment as CEO is expected to continue the legacy of innovation, disruption, and excellence established by Bud Brigham's vision and leadership at Atlas.

Atlas Energy Solutions, founded in 2017, is solely focused on serving customers in the Permian Basin and is a leader in the proppant and proppant logistics industry. The company's mission is to maximize value for its stockholders by generating strong cash flow, allocating capital resources efficiently, and being good stewards of the environment and communities in which it operates.

Hi-Crush Inc., now part of Atlas Energy Solutions, is a fully-integrated provider of proppant and logistics services for hydraulic fracturing operations, offering frac sand production, advanced wellsite storage systems, flexible last-mile services, and innovative software for real-time visibility and management across the entire supply chain. Clearlake Capital Group L.P. and Whitebox Advisors LLC are the controlling shareholders of Hi-Crush Inc.

If you want to know more, read the company's complete 8-K report here.

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