C&J Energy Services Inc., Houston, (NYSE: CJES) plans to purchase all of the outstanding equity interests of Houston-based Casedhole Holdings Inc. and its operating subsidiaries, including Casedhole Solutions Inc., for approximately $272.5 million in cash.

C&J is funding the purchase through $220 million drawn from the company’s senior secured revolving credit facility.

Casedhole is a multi-regional independent provider of cased-hole wireline and other complementary services for energy producers in the U.S. The company has a geographic presence in 10 of the most active U.S. areas, including the Williston and Uinta Basins and the Marcellus, Utica, Avalon and Bone Springs shale plays where C&J currently does not have a presence. Its assets includes 58 wireline units with an average age of less than three years and 11 pumpdown units that were added during the past five months.

C&J president and chief executive Josh Comstock says, “With this acquisition, we are adding best-in-class wireline services to our premium hydraulic fracturing, coiled tubing and pressure pumping offerings, making us one of the few U.S. companies that simultaneously offer each of these completion services to our growing base of customers. We are especially pleased to be able to acquire and team with a rapidly growing company whose growth strategy and operating model closely mirrors C&J’s.”

The transaction is expected to close prior to June 8.

Wells Fargo is financial advisor to C&J and Locke Lord LLP is legal advisor.