Turnbridge Provides Capital for Flare’s Acquisition of Jordan
Flare Industries announced the acquisition of Jordan Technologies, a supplier of vapor recovery units (VRUs) and the largest service provider for VRUs in the world market.
Private equity sponsor Turnbridge Capital recapitalized Flare Industries in September 2011 and is providing the equity capital necessary to fund Flare’s acquisition of Jordan.
Flare Industries (Flare), is a provider in design, manufacturing and installation of combustion and pollution control technology and equipment. Founded in 1980, Jordan Technologies, is headquartered in Louisville, KY and designs, manufactures and actively services VRUs for a broad range of customers in the petroleum, petrochemical, ethanol and natural gas industries.
“The combination of Jordan and Flare will allow us to provide a single source for customers seeking innovative solutions for vapor recovery and/or destruction in a cost-effective and environmentally-compliant method,” said Michael Hainsworth, chief executive officer, Flare Industries. “This is particularly timely given the enormous capital commitment to shale oil drilling and production in North America, and increasingly stringent environmental regulations. At the same time, large capital projects in the global marketplace continue to advance in all sectors of the downstream, upstream, petrochemical and process industries.”
Hainsworth will serve as CEO of the combined company, while Mark Jordan will remain as Jordan’s president. John Jordan, Jr. and Paul Jordan will continue in their current positions at Jordan. John U. Clarke of Turnbridge Capital remains as executive chairman of Flare.
“Flare Industries has built a company focused on the same ideals as Jordan, including a strong commitment to offering quality solutions and creating an innovative, customer-focused employee base,” said Mark Jordan, president, Jordan Technologies. “The decision to join forces with Flare provides us with a significant opportunity and the needed capital to grow our business. With the broadened product line and service capabilities of the combined business, we can now build a future that is bigger and brighter than either company could have achieved alone.”
“We were delighted to have the opportunity to partner with Flare last year and to now help finance the company’s acquisition of Jordan,” said J. Kent Sweezey, managing partner of Turnbridge. “The combined companies will have an increased scope and scale to address broader markets and pursue larger projects across the globe, with a sound financial underpinning to support significant growth.”
Turnbridge Capital, LLC is an energy-focused private equity firm with offices in Dallas, TX and Houston, TX.