THE WOODLANDS, Texas, June 04, 2018 (GLOBE NEWSWIRE) -- Smart Sand, Inc. (NASDAQ:SND), a pure-play, low-cost producer of high quality Northern White raw frac sand, announced today that it has completed the $42.75 million acquisition of Quickthree Solutions, Inc., a manufacturer of portable vertical frac sand storage solutions at the wellsite.

“With the completion of this strategic acquisition, we believe that we now have the technology, production capacity and management team to compete in the last mile market,” said Charles Young, Smart Sand’s Chief Executive Officer. “As we move to become an integrated, full-service provider of frac sand and logistics support from the mine to the wellhead, we are excited about the opportunities as we launch this segment of the business.”

The transaction was funded with $30 million of cash paid at closing using cash-on hand and advances under our credit facility and up to $12.75 million in potential earn-out payments as system components are built and made available for sale or lease over a three-year period. As of June 1, 2018, $45 million was outstanding under our credit facility..

About Smart Sand

Smart Sand is a pure-play, low-cost producer of high-quality Northern White raw frac sand. We sell our products primarily to oil and natural gas exploration and production companies and oilfield service companies. We own and operate a raw frac sand mine and processing facility near Oakdale, Wisconsin, at which we currently have approximately 321 million tons of proven recoverable reserves. We currently have approximately 5.5 million tons of annual processing capacity. For more information, please visit www.smartsand.com.