Energy Services of America Corp. has formed a new wholly owned subsidiary, West Virginia Pipeline Acquisition Co., which has entered into an asset purchase agreement with WV Pipeline to acquire all of the assets of WV Pipeline for $3.5 million in cash and a $3 million seller note.
The company expects the transaction to close on Dec. 31. David Bolton and Daniel Bolton will continue their roles as president and vice president, respectively, of Energy Services' new subsidiary.
“WV Pipeline is a great company with a long history in southern West Virginia, and this acquisition extends and deepens our services offered to gas and water distribution utilities,” said Douglas Reynolds, president. “Increasing our exposure to these growing markets is a key strategic initiative for Energy Services, which makes WV Pipeline a great fit.”
