Parallel49 Equity, a private equity investment firm headquartered in Vancouver, acquired a Midwest LNG supplier, Kinetrex Energy, from Citizens Resources.
Kinetrex operates two LNG production facilities in Indianapolis, each with 1 billion cubic feet of cryogenic storage capacity, Parallel49 Equity said in its statement.
In addition, Kinetrex provides fueling solutions to the transportation, commercial, industrial, agricultural and power markets.
In addition to LNG, the company also designs, markets and implements pipeline natural gas and renewable natural gas energy solutions.
Speaking of the acquisition, Aaron Johnson , who will remain Kinetrex’s CEO said that Parallel49 Equity would accelerate the company’s growth strategy.
Parallel49 Equity further noted that the financing has been provided by The Huntington National Bank and Fidus Investment Corporation.