News | October 5, 2018

Janney Acts As Exclusive Financial Advisor On The $41.9M Sale Of Clearwater Solutions To Nuverra Environmental Solutions

Nuverra Environmental Solutions, Inc. announced that it has acquired Clearwater Solutions, a leading operator of saltwater disposal wells (SWDs) in the Marcellus and Utica Shale areas, for $41.9M, subject to customary purchase price adjustments.

This purchase more than doubles Nuverra's SWD capacity in the region and will add value for each of its customers with more strategically located disposal capacity. Clearwater's disposal wells at the Clearwater Three and Clearwater Five locations offer several offloading lanes and disposal capacity of 17,500 barrels per day. Its locations are in Guernsey County, Ohio, which is in the heart of the regional oil and gas activity.

Charlie Thompson, Interim Chief Executive Officer of Nuverra said, "The Clearwater acquisition significantly improves our competitive position in the Northeast marketplace due to the added capacity of the new wells and logistical advantages for our trucking business. Based on recent volume statistics, Nuverra will be the second largest commercial operator of SWDs in the region."

Janney Montgomery Scott LLC acted as exclusive Financial Advisor to Clearwater Solutions in this transaction.

About Clearwater Solutions
Clearwater is a leading saltwater disposal well owner and operator with three recently built, state-of-the-art saltwater injection wells with combined disposal capacity of approximately 17,500 BBL/day across two sites in Guernsey County, Ohio.

About Nuverra
Nuverra Environmental Solutions, Inc. is among the largest companies in the United States dedicated to providing comprehensive, full-cycle environmental solutions to customers in the energy market. Nuverra focuses on the delivery, collection, treatment, and disposal of restricted solids, water, wastewater, waste fluids, and hydrocarbons. The Company provides its suite of environmentally compliant and sustainable solutions to customers who demand stricter environmental compliance and accountability from their service providers.

About Janney's Infrastructure Investment Banking Team
Janney’s Infrastructure Investment Banking practice services public and private companies throughout the infrastructure and industrials universe with a particular focus on utilities, energy and water. With a long-term focus on building relationships and providing superior service, the team is committed to delivering client-specific equity and debt capital raising and advisory services to advance management's objectives.

About Janney
Established in 1832, Janney Montgomery Scott LLC is a leading full-service investment banking and financial services firm serving individual, corporate, institutional and government clients. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, and is a member of the New York Stock Exchange, Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

About Janney's Investment Banking Team
Janney’s Investment Banking practice is a leader in middle-market financing solutions. We place a high value on our consistent track record of delivering solutions to our clients. Since 2009, we have completed 605 transactions aggregating $85B in transaction value. We work with clients on a highly-personalized basis, providing exceptional service, commitment and senior level attention.

SOURCE: Janney Montgomery Scott LLC