Parallel49 Equity releases Kinetrex to Kinder Morgan
Private equity firm Parallel49 Equity said August 24 it completed the sale of natural gas supplier Kinetrex to Kinder Morgan.
Parallel49 acquired Kinetrex in 2016. It said it has closed on the sale of the company for $310mn.
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“Kinetrex has found an incredible owner in Kinder Morgan and is well positioned to accelerate its strategy of becoming a leading platform in renewable energy,” said Jack Westerman, the managing director at Parallel49.
Kinder’s acquisition of Kinetrex includes two small-scale LNG production and fuelling facilities, a 50% stake in a landfill-gas facility and agreements to start construction on three other similar facilities in the future.
Kinder described Kinetrex as a supply leader in LNG and an emerging player in biomethane, commonly known as renewable natural gas (RNG).
Once all of the facilities are in service next year, the RNG production is estimated at more than 4bn ft3/yr.
Kinder in March formed a new unit, Energy Transition Ventures, that will look for new opportunities in the energy transition sector.
The company reported Q1 net income at $1.41bn, compared with a year-ago loss of $306mn.