AUSTIN, Texas--(Flare Industries, LLC, today announced the acquisition of Jordan Technologies, a leading supplier of vapor recovery units (VRUs) and the largest service provider for VRUs in the world market.)--
“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.”
Flare Industries (Flare), is an industry leader in design, manufacturing and installation of combustion and pollution control technology and equipment. Founded in 1980, Jordan Technologies (Jordan), 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.”
Flare and Jordan will continue to maintain each of their highly-recognized brands in the market and their commitment to customer satisfaction. Mr. 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, LLC 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.”
Private-equity sponsor Turnbridge Capital, LLC, recapitalized Flare Industries in September 2011 and is providing the equity capital necessary to fund Flare’s acquisition of Jordan.
“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.”
About Flare Industries
Flare Industries, LLC, based in Austin, TX, is a leader in the combustion and pollution control technology industry. Founded more than 25 years ago, Flare designs, manufactures and installs flare systems, thermal oxidizers and ignition systems sold globally to a diverse set of customers in a wide range of operating industries. Additional information about Flare is available online: www.flareindustries.com.
About Jordan Technologies
Founded in 1980, Jordan Technologies, based in Louisville, KY, designs, manufactures and actively services vapor recovery units (VRUs). Jordan Technologies' units recover a variety of VOCs in truck, rail, marine and tank breathing applications as well as crude, ethanol and natural gases. As the largest service company for VRUs in the world market, Jordan provides service to the majority of the world’s operational VRUs, including other manufacturer's equipment. For more information about Jordan Technologies' VRUs, please visit www.jordantech.com.
Turnbridge Capital, LLC is an energy-focused private equity firm with offices in Dallas, TX and Houston, TX. Owned entirely by its principals, Turnbridge pursues investments in the middle-market alongside experienced management teams with shared goals and aligned interests. For more information, visit www.turnbridgecapital.com.