Matlin & Partners Acquisition And U.S. Well Services To Merge

(RTTNews) - Matlin & Partners Acquisition Corporation (MPAC, MPACU, MPACW) ("MPAC") a publicly traded special purpose acquisition company, and U.S. Well Services, LLC or "USWS"' a high-quality provider of hydraulic fracturing services and market leader in electric-powered fracturing, announced entry into a merger and contribution agreement whereby USWS will combine with MPAC to become a publicly listed company with an anticipated initial total enterprise value of about $588 million.

Funds managed by Crestview Partners are leading a $135 million committed PIPE investment in the combined company for $10.00 per share to provide incremental equity capital to accelerate the rollout of USWS' electric Clean Fleet® technology.

Upon the completion of the business combination, MPAC will be renamed U.S. Well Services, Inc. and is expected to trade on the Nasdaq Capital Market.

Proceeds from the business combination are expected to allow USWS to build five additional Clean Fleets and one additional conventional fleet, expanding its fleet size to 17 spreads with approximately 800,000 hydraulic horsepower. Once the business combination is completed, USWS projects a strong balance sheet with approximately $250 million of liquidity to support future growth.

The combined company will be led by USWS' current Chief Executive Officer, Joel Broussard. In addition, upon completion of the combination, the USWS management team, which will become the combined company's management team, will be expanded with the addition of Kyle O'Neill as Chief Financial Officer. Mr. O'Neill will join USWS from TCW where he serves as a Managing Director in the Direct Lending Group.

O'Neill brings more than 18 years of direct investing and capital markets experience. Matt Bernard, who currently serves as Chief Financial Officer of USWS, will become Chief Administrative Officer, and Nathan Houston will continue to serve as Chief Operating Officer.

Upon completion of the proposed business combination, the combined company's board of directors will consist of seven members, including Mr. Broussard, as well as two members from MPAC, two members from USWS and two members from Crestview.

The proposed business combination is subject to customary closing conditions, including regulatory approvals and the approval of MPAC stockholders. The combination is expected to be completed in the fourth quarter of 2018.