Smart Sand, Inc. Announces Repurchase Of All Common Stock Owned By Clearlake Capital For ~$8.85M

Author: Happy Mohamed | February 28, 2023 05:46pm

Smart Sand, Inc. (NASDAQ:SND) (the "Company") announced today that it has repurchased 5.18 million shares of the Company's common stock (the "Shares") from Clearlake Capital Partners II (Master), L.P., an affiliate of Clearlake Capital Group ("Clearlake"), for approximately $8.85 million, of which $4.42 million was paid in cash and the remainder was financed through an unsecured promissory note issued to Clearlake. The promissory note will mature on December 15, 2023. The Shares represent all of the common stock owned by Clearlake and approximately 11.3% of the outstanding shares of the Company's common stock immediately prior to the purchase.
 

"We are committed to delivering long term value to our shareholders," stated Charles Young, Smart Sand's Chief Executive Officer. "We believe this buyout of Clearlake's equity position demonstrates our focus on shareholder returns and is a good investment in the future of Smart Sand. I want to thank Clearlake for its long-term commitment to Smart Sand. Clearlake provided the Company with initial capital in 2012 to begin developing our Oakdale facility and has been a good partner for the Company over the last eleven years."

Posted In: SND