AIMCo announces significant investment in Calfrac Well Services
Alberta Investment Management Corporation (AIMCo) has entered into a strategic financing partnership with Calfrac Well Services, a Canadian pressure pumping services provider. No financial terms were disclosed.
Calgary-based Calfrac is focused on North America’s unconventional natural gas and light oil plays plus specific international markets. It currently services wells drilled in Western Canada, the United States, Russia, Argentina and Mexico. Based in Edmonton, AIMCo manages more than $90 billion in assets on behalf of its pension and other institutional clients.
“AIMCo is very pleased to provide this strategic funding to Calfrac on behalf of our clients” states Kevin Uebelein, AIMCo CEO. “Calfrac is a global player in the hydraulic fracturing industry. It is an innovative leader and has set the benchmark for mindful environmental stewardship within its industry. We believe that investments like this one afford our clients the opportunity to participate in the long-term success of top-notch Alberta companies.”
Peter Pontikes, Senior Vice President, Public Equities said, “AIMCo’s public equities investment teams are committed to identifying value creating opportunities for our clients. Companies in the energy sector locally have been particularly hard hit by the falling price of oil over the past eighteen months. This investment signals our confidence in Calfrac’s outlook.”
“AIMCo is a high-caliber investment manager that shares our commitment to seeking out the best opportunities around the globe,” said Fernando Aguilar, President and Chief Executive Officer of Calfrac Well Services. “We remain focused on growing Calfrac through these difficult times in our industry and are proud that AIMCo has given our team this vote of confidence. We look forward to a productive partnership with AIMCo.”