Parallel49 Equity Completes Sale of Kinetrex Energy
LAKE FOREST, Ill.--(BUSINESS WIRE)--Aug 24, 2021--
Private equity firm Parallel49 Equity today announced the successful closing of the sale of Indianapolis-based Kinetrex Energy to Kinder Morgan, Inc. (NYSE – KMI) for $310 million. Parallel49’s Fund V acquired Kinetrex in December 2016.
Kinetrex is the leading supplier of liquefied natural gas in the Midwest and a rapidly growing player in producing and supplying renewable natural gas (RNG) under long-term contracts to transportation service providers.
Under Parallel49 ownership, Kinetrex completed a significant expansion into landfill-based RNG production, transforming Kinetrex into a leading alternative energy company and helping its customers achieve carbon negative mandates as well as their environmental, social and governance objectives.
“This successful investment is a tribute to a strong partnership with an exceptionally talented and expert management team,” said Jack Westerman, managing director at Parallel49. “Kinetrex has found an incredible owner in Kinder Morgan and is well positioned to accelerate its strategy of becoming a leading platform in renewable energy.”
“Our collaboration with Kinetrex generated a tremendous outcome for our investors,” said Jonathan Dries, managing director at Parallel49. “The transaction represents the largest multiple of invested capital on a single investment in our firm’s 25-year history. We could not be more pleased with this incredible result.”
About Parallel49 Equity
Based in Lake Forest, Ill., Parallel49 Equity invests in profitable, well-managed lower middle-market companies in North America. Parallel49 Equity investment efforts are focused on the industry sectors of specialty manufacturing and business services. For more information, please visit p49equity.com.
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CONTACT: Sarah Holsapple
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: FINANCE OIL/GAS ENERGY PROFESSIONAL SERVICES UTILITIES
SOURCE: Parallel49 Equity
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PUB: 08/24/2021 10:00 AM/DISC: 08/24/2021 10:02 AM