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(Image courtesy of U.S. Silica Holdings)

U.S. Silica Holdings, Inc. announced today that it has signed a stock purchase agreement to acquire all of the outstanding shares of Cadre Services Inc.

Cadre is a leading regional sand mining Company based in Voca, Texas.

Total value of the deal is $98 million in cash.

Closing is expected by the end of the month.

Cadre operates a single frac sand mine and plant, with recently expanded annual capacity of about 800,000 tons per year of Premium Hickory sand.

Bryan Shinn, CEO of U.S. Silica said, “This accretive acquisition aligns with our strategy to increase market share by expanding our footprint and product offerings in one of the fastest growing basins in the country. The addition of the Cadre team and their outstanding operational and logistics capabilities allows us to provide our customers with a high quality, regionally-produced product which effectively meets the demands of many Permian oil and gas wells.”