MidSpan Partners sells Jordan Technologies to Flare Industries
MidSpan Partners has sold Jordan Technologies to Flare Industries, a portfolio company of Texas-based private equity firm Turnbridge Capital.
Jordan Technologies is a supplier of vapour recovery units (VRUs) and the largest service provider for VRUs in the world. MidSpan Partners served as the exclusive financial adviser to the Jordan shareholders.
“From our first meeting through to the closing, the MidSpan team was an invaluable partner,” says Mark Jordan, president, Jordan Technologies. “They worked closely with management and the shareholders through every step of the process and were able to guide the Company through the intricacies of the sell-side process. MidSpan’s focus and dedication of resources ensured the best possible outcome for Jordan.”
Founded in 1980, Jordan is headquartered in Louisville, Kentucky and designs, manufactures and actively services VRUs for a broad range of customers in the petroleum, petrochemical, ethanol, and natural gas industries. Jordan's VRUs recover a variety of volatile organic compounds in truck, rail, marine and tank breathing applications as well as crude, ethanol, and natural gases. As the largest service company for VRUs in the world market, Jordan provides service to the majority of the world’s operational VRUs, including other manufacturers’ equipment.
Michael Hainsworth, chief executive of Flare Industries, will serve as chief executive of the combined company, while Jordan will remain as Jordan’s president. John Jordan Jr. and Paul Jordan will continue in their current positions at the company. John U. Clarke of Turnbridge Capital remains as executive chairman.
Details of the transaction, which closed on 11 September, were not disclosed.
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