ARC Financial completed the acquisition of STEP Energy Services for CAD400.8m.

ARC Financial, a specialist private equity firm that invests in Canadian energy companies, completed the acquisition of STEP Energy Services, an energy services company that provides coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions, for CAD400.8m. “A year ago, when STEP was pursuing a similar corporate transaction, I expressed our pride at the Company’s development into one of the best-in-class energy services companies in North America and of our commitment to our clients, communities, and our dedicated employees, who we call professionals. The proposed transaction represents the culmination of the avenues we have explored to maximize value for our shareholders. Again, I would like to thank STEP shareholders for their support over the years.” Steve Glanville, President and CEO of STEP Energy Services.