Private Equity firm NewWorld Capital Group has acquired Cleaire Advanced Emission Controls, LLC, a leading developer and manufacturer of particulate matter and nitrogen oxides abatement products for on-road and off-road heavy-duty diesel-powered vehicles. Joining New World in this investment are Ingleside Investors, North Sky Capital, and Spring Mountain Capital.
Cleaire’s products reduce particulate matter emissions from diesel engines by greater than 85% while meeting strict limits on exhaust nitrogen dioxide (NO2) levels. The Company’s products are verified by the California Air Resources Board (CARB) at Level 3, a Best Available Control Technology abatement standard.
Headquartered in San Leandro, California with a manufacturing facility in San Diego, Cleaire holds a leading share in the retrofit diesel particulate filter (DPF) market in the United States and exports its products to selected foreign countries.
Diesel-generated particulate matter (especially fine particles less than 2.5 microns in diameter) is a significant health hazard associated with a variety of health issues including asthma, bronchitis, irregular heartbeat, heart attacks, and cancer.
More than 70 million people in the United States live in federal Environmental Protection Agency designated "Nonattainment Areas" for fine particulate matter.
In light of rapidly growing demand for mobile-source diesel particulate filters, NewWorld’s investment will enable Cleaire to expand its sales and product support capability in domestic and international markets.
Cleaire’s founder Kevin Shanahan, says: "I am delighted to have NewWorld Capital as the new owner of our Company. Cleaire is positioned to capitalise on a major opportunity as demand for reducing diesel particulate emissions grows in California and elsewhere around the U.S." Added Gale Plummer, Cleaire’s CEO, "The experience, skills and market access of the NewWorld team will be crucial as we work to meet the rapidly expanding demand for reducing diesel engine pollution."
Bill Hallisey, a Founding Partner of NewWorld Capital, says: "We are deeply impressed with Cleaire’s innovative diesel emissions reduction products and the benefits they bring to the world. We look forward to working with Gale Plummer and his talented management team to achieve significant sales and earnings growth as the Company deploys its products around the world to reduce the environmental costs associated with diesel-powered vehicles."
