PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Pfingsten acquires Hy-Bon Engineering

Private equity firm Pfingsten Partners has acquired Hy-Bon Engineering, a Texas-based manufacturer of vapor recovery units which capture greenhouse gases generated in oil production and

Private equity firm Pfingsten Partners has acquired Hy-Bon Engineering, a Texas-based manufacturer of vapor recovery units which capture greenhouse gases generated in oil production and storage.

Hy-Bon’s products and services are used in over 25 countries around the world.

The transaction marks the first platform investment for Pfingsten Partners’ USD525m Fund IV.

Under terms of the agreement, Hy-Bon will retain all employees at its two facilities in Midland, Texas. President and chief executive Larry Richards and the management team also will retain ownership in the company.

Hy-Bon’s offering of vapor recovery units, replacement parts, field service and emissions testing services helps customers identify, quantify and capture gas emissions that are currently flared off or vented into the atmosphere.

The company plans to grow organically and with strategic add-on acquisitions through additional market penetration, new products and services and geographic expansion.

‘Owning Hy-Bon for 30 years has been a wonderful experience,’ says Jim Woodcock, Hy-Bon’s former owner. ‘Selling to Pfingsten enables me to transition the business to a new owner with significant growth capital to expand the business while leaving the key employees in place with an ownership stake.’

‘Hy-Bon, with over five decades of technical expertise, is an established global expert in vapor recovery solutions,’ says Scott A. Finegan, managing director, Pfingsten Partners. ‘We are pleased to be part of the company’s growth strategy.’

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured