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Parallel49 acquires US LNG supplier

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LNG Industry,

Parallel49 Equity has released a statement claiming that it has acquired Kinetrex Energy – an LNG supplier based in the US – from Citizens Resources.

Kinetrex operates two LNG production facilities in Indianapolis, US, each with 1 billion ft3 of cryogenic storage capacity. The company also designs, markets and implements traditional pipeline natural gas and renewable natural gas (RNG) energy solutions.

The acquisition of Kinetrex represents the sixth investment by Parallel49 Equity Fund V, which started making investments in 2014. Financing was provided by the Huntingdon National Bank and Fidus Investment Corp. Periculum Capital Co. advised Kinetrex.

Jack Westerman, Managing Director at Parallel49 Equity, said: “LNG is a clean, cost-effective fuel source which reduces greenhouse gases relative to diesel and other fuels. The company’s two strategically located storage facilities in the central US allow Kinetrex to offer unparalleled reliability and customer service to our clients and make Kinetrex a highly attractive, unique investment.”

Aaron Johnson will continue to serve as CEO, and said: “Since starting Kinetrex, we have become the leading Midwest provider of high quality LNG as a clean and alternative energy fuel source.

“As a lifelong Hoosier I am pleased that Citizens’ sale to Parallel49 will keep Kinetrex headquartered in Indianapolis. Moreover, we are confident that Parallel49 Equity will help accelerate our growth strategy so as to achieve the same success in the RNG and pipeline natural gas markets that we have enjoyed in the LNG market.”

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