Greentech Lead America: Flare Industries, a provider of
combustion and pollution control technologies, has acquired Jordan
Technologies, a supplier of vapor recovery units (VRUs) and the largest service
provider for VRUs in the world market.
Flare Industries designs, manufactures and installs
combustion and pollution control technology and equipment.
“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.
Headquartered in Louisville, KY, Jordan Technologies
designs, manufactures and services VRUs for a broad range of customers in the
petroleum, petrochemical, ethanol and natural gas industries.
The acquisition is timely given the enormous capital
commitment to shale oil drilling and production in North America, and
increasingly stringent environmental regulations, Hainsworth said. “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.”
Mark Jordan, president, Jordan Technologies, said, “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.”
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.
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.