Enservco to acquire Buckshot Trucking for $5M

Energy services operator adds logistics offering to platform

A blue tractor pulling a covered flatbed trailer

Buckshot Trucking generated $8.2 million in revenue during 2023. (Photo: Jim Allen/FreightWaves)

Oil and gas field services provider Enservco Corp. announced it has entered an agreement to acquire Buckshot Trucking for $5 million.

Founded in 2017, Buckshot provides hot shot, dedicated and less-than-truckload services to the oil and gas industry. It primarily serves the Rocky Mountain region but also has operations in North Dakota and Texas. The company’s website lists more than 100 customers.

The transaction is expected to diversify Enservco’s (NYSE: ENSV) business and provide revenue stability as Buckshot’s operations are year-round and less impacted by inclement weather than Enservco’s. Enservco primarily serves the shale industry by supporting drilling, completion, production and maintenance activities at onshore well sites.

Both companies are based in Colorado.


“Buckshot provides a strong complement to our current service offerings with the added benefit of not being winter weather dependent,” said Rich Murphy, chairman and CEO of Enservco. “Buckshot will also provide a substantial improvement in operational and financial visibility, which benefits our business, shareholders, and other stakeholders.”

The cash and stock transaction is subject to ordinary closing conditions as well as shareholder approval. There is a potential earnout of $500,000 based on future growth and financial performance. Enservco said it has to raise capital to fund the $3.75 million cash portion of the transaction. The deal is expected to close by the end of the second quarter.

Last year, Buckshot generated $8.2 million in revenue, doubling its top line over the past two years, and $2.3 million in earnings before interest, taxes, depreciation and amortization.

At just north of two times EBITDA and less than one times annual revenue, the deal price is on the low end of recent transaction valuations. The acquisition is expected to be immediately accretive to Enservco’s earnings as it is a “higher margin business.”


Buckshot’s founders and staff will remain in place.

“In addition to our identified list of potential expansion targets in current markets, we look forward to expanding our business into other areas based on Enservco’s extensive operational footprint and customer base,” said Buckshot founder Tony Sims.

More FreightWaves articles by Todd Maiden

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