Fairmount Minerals has signed a purchase agreement with FTS International (FTSI) to acquire nearly all of FTSI's sand-mining operations, resin-coating plants, and distribution terminals. The transaction significantly increases the operational and logistical capabilities of Santrol, a Fairmount Minerals company. The infrastructure expansion will allow oil and gas customers to source proppant closer to the wellsite.
This purchase includes Northern White operations, adding to Fairmount Minerals' portfolio of Northern White mines in Illinois, Minnesota and Wisconsin, and Hickory sand reserves. The acquired assets will increase the number of Fairmount Minerals' sand-processing and resin-coating facilities.
Santrol's distribution network will now include more than 50 proppant distribution terminals. All of the acquired resources will expand and complement Santrol's robust geographic footprint, further enhancing its ability to supply the ideal proppant as close to the wellsite as possible.
The transaction closing date is scheduled to be by the end of the third quarter.