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Sunday, July 21, 2024

Canadian Company buys U.S. Company

Aveda Transportation and Energy Services of Calgary, Alta., purchased Hodges Trucking, based in Oklahoma City. The trucking firm was a wholly owned subsidiary of Seventy Seven Energy. It operates about 900 pieces of rig moving and heavy-haul equipment, including 200 trucks and 400 trailers.

“Aveda is currently exploring all options for integration and consolidation to maximize future synergies between the two operating entities,” the company announced.

Hodges gross revenue peaked at about US$166 million in 2012 but it has been hit hard by the decline in oil prices, posting a first quarter net loss this year.

The deal is expected to close June 15.