industrial products

Flare Industries, a portfolio company of Turnbridge Capital, has acquired Jordan Technologies, a supplier of vapor recovery units.

Jordan Technologies designs, manufactures and y services vapor recovery units which recover a variety of volatile organic compounds (VOCs) in truck, rail, marine and tank breathing applications as well as crude, ethanol and natural gases. The company was founded in 1980 and is based in Louisville, KY (www.jordantech.com).

Flare is a designer, manufacturer and installer of combustion and pollution control technology and equipment. Products include flare systems, thermal oxidizers and ignition systems which burn, combust, or oxidize industrial gaseous. The company is based in Austin, TX (www.flareindustries.com).

“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.”

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.”

Turnbridge Capital 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.”

Turnbridge Capital is a private equity investment firm with a strategic focus on opportunities primarily in the energy and infrastructure sectors. Typical transactions involve companies which range in enterprise value from $25 million to $250 million. The firm has offices in Dallas and Houston (www.turnbridgecapital.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 9-12-12

Thermal Solutions Manufacturing, a manufacturer and distributor of heavy duty and light truck heat exchangers and a portfolio company of Resilience Capital Partners, has acquired R&D Enterprises, a manufacturer of heat exchanger and cooling products. This is the first add-on acquisition by the firm’s Thermal Solutions Manufacturing investment platform which it acquired in February 2012.

R&D Enterprises is an original equipment manufacturer of heat exchange and cooling products serving the off-road, marine, on-highway and industrial end markets. The company is based in Plymouth, MI (www.rdent.net).

Thermal Solutions Manufacturing is a manufacturer and distributor of heavy duty and light truck heat exchange and temperature control products for the aftermarket and OEM off-road, on highway and industrial end markets. The company has eight manufacturing facilities and 23 distribution branches located throughout North America supplying radiators, condensers, air coolers and evaporators to multiple customer segments, including installers, commercial distributors, specialty retailers, OEMS and jobbers. The company is based in Nashville, TN (www.thermalsolutionsmfg.com).

“The acquisition of R&D Enterprises fits squarely within our investment thesis of growing the Thermal Solutions Manufacturing platform investment with complementary companies that expand our product offerings and diversify our customer base. R&D Enterprises’ talented management team and strong customer-centric culture should prove to be an invaluable asset as we look to further strengthen our core business and create value through organic profit enhancement initiatives and additional accretive acquisitions,” said Michael Cavanaugh, a Principal at Resilience Capital Partners.

Resilience Capital Partners specializes in investing in lower middle market companies within a range of industries. Resilience’s value oriented investment strategy is to acquire companies in a variety of special situations including underperformers, corporate divestitures, turnarounds, and orphan public companies. Since its inception in 2001, Resilience has acquired 24 companies under 18 platforms with over $2 billion in revenue. The firm is based in Cleveland, OH (www.resiliencecapital.com).

“R&D Enterprises has an outstanding reputation in the industry as creative problem solvers in working with companies of all sizes. The creativity they bring to the table will make Thermal Solutions Manufacturing even stronger and expand its footprint in the marine sector,” said Robert Potokar, CEO of Thermal Solutions Manufacturing and Operating Partner of Resilience Capital Partners, “R&D Enterprises is a perfect match and will benefit our growing company and, more importantly, our customers.”

© 2012 PEPD • Private Equity’s Leading News Magazine • 9-11-12