Pfingsten Partners acquires energy storage company Hy-Bon Engineering

8 July 2009

US private equity firm Pfingsten Partners has acquired Hy-Bon Engineering Company, a Texas-based producer of vapour recovery units. Financial details were not disclosed.

‘Pfingsten provided us with certainty to close in a turbulent M&A market,’ said Hy-Bon president and CEO, Larry Richards. ‘This partnership provides the financial, operational and global resources required to accelerate our growth at this most opportune time.’

The terms of the agreement allow Richards and his management team to retain meaningful ownership while all employees at the firm’s two Midland, Texas, facilities will keep their jobs. The management team plans to grow Hy-Bon with strategic add-on acquisitions, new products and services and geographic expansion.

Hy-Bon’s products seek to capture carbon emissions that are currently vented into the atmosphere.

Pfingsten Partners is a Chicago-based, operationally focused private equity firm founded in 1989. The Hy-Bon transaction marks the first platform investment for the company’s $525m Fund IV.

Copyright © 2009 NewNet

Tags: energy storage

This story was published on Wednesday, July 8th, 2009 at 4:42 pm and is filed under North America, companies, energy storage. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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