Newpark Resources Announces Sale Of Environmental Services Business

(RTTNews) - Newpark Resources, Inc. (NR) said Tuesday that it would sell its Environmental Services business to ECOSERV, LLC, a portfolio company of Denver-based private equity group Lariat Partners, LP, for $100 million in cash, which is subject to adjustment based on actual working capital conveyed at closing.

The sale is expected to close in the first quarter of 2014, subject to customary conditions, including regulatory approval and the proceeds from the sale will be used for general corporate purposes, potential acquisitions and/or share repurchases, the company noted.

Simmons & Company International is serving as financial advisor to Newpark in this transaction.