City Capital Ventures has acquired Johnson City, Tennessee-based GreenTech Environmental LLC, a provider of indoor air purification systems. No financial terms were disclosed.
JOHNSON CITY, Tenn.–(BUSINESS WIRE)–City Capital Ventures, LLC (“CCV”), a private investment partnership headquartered in Chicago, Illinois, is pleased to announce it has acquired a majority stake in GreenTech Environmental, LLC (“GreenTech” or the “Company”) of Johnson City, Tennessee. The transaction enables GreenTech to accelerate its sales, marketing, and product development efforts to capture increasing share of the rapidly growing air purification industry, which is expected to reach $13 billion in annual sales by 2027. The Company will continue to operate independently in Johnson City under the existing management team. RF Investment Partners (“RF”) a Small Business Investment Company (“SBIC”) fund with offices in Chicago, New York, and Dallas, provided debt and equity to facilitate the transaction. The financial terms of the transaction were not disclosed.
Founded in 2009 in Johnson City, Tennessee, GreenTech is a leading designer, manufacturer, and provider of indoor air purification systems used across a variety of end markets, including wearable devices, residential homes, education facilities, commercial buildings, and indoor agriculture, among others.
“When I started this company 12 years ago, it was to create solutions and applications to improve indoor air quality and create the healthiest possible indoor living environments,” says Allen Johnston, Founder of GreenTech Environmental and former aerospace engineer. “My own mother left this Earth too soon as a result of poor air quality in her workplace. For me, this is personal. CCV understands the importance of what we do; their long-term vision and private family capital makes them the ideal partner to help us grow and expand our company.”
“We are thrilled to partner with GreenTech and RF to build a leading active air purification platform,” said Allen Tibshrany, Co-Founder & Managing Director of CCV. “Fueled by their passion and science-based approach, the GreenTech team has developed multi-technology solutions that help improve indoor air quality in the spaces in which we live, work, and play. We look forward to helping GreenTech reach new heights through its next phase of growth.”
This latest platform investment is the second by City Capital Ventures in the past twelve months and eighth platform investment since the firm’s founding in 2015. “GreenTech is a great example of a high-growth, differentiated business that we were able to partner with at a momentous inflection point. Its potential is huge, and we’re thrilled to bring both financial and human capital to support Allen and the entire team at GreenTech,” remarked Dan Kipp, Co-founder & Managing Partner of City Capital Ventures.
About GreenTech Environmental
Founded in 2009 in Johnson City, Tennessee, GreenTech Environmental is a leader in air purification systems. GreenTech’s technologies are available for consumers with portable and personal systems and commercial HVAC systems for use in office buildings, hotels, in-door stadiums and more. GreenTech Environmental is best known for a unique multi-technology approach to air purification. These technologies actively clean the air and surfaces in thousands of homes and commercial buildings across the globe. www.greentechenv.com