Cimarron Energy Inc, which is backed by Turnbridge Capital, has acquired Hy-Bon/EDI, a provider of vapor recovery and emissions control solutions for oil and natural gas applications. No financial terms were disclosed.
HOUSTON (PRWEB) JULY 02, 2019
Cimarron Energy, Inc. (“Cimarron” or “the Company”) is pleased to announce the acquisition of Hy-Bon/EDI, an established market leader in vapor recovery and emissions control solutions for oil and natural gas applications.
Founded in 1952, Hy-Bon/EDI has a longstanding presence in the marketplace and expands Cimarron Energy’s portfolio of environmental products and after-market services for the upstream and midstream sectors of the energy industry. Operating from established bases in Midland, Texas and Belpre, Ohio, Hy-Bon/EDI further enhances Cimarron’s presence in all major U.S. shale basins.
Jeff Foster, Chief Executive Officer of Cimarron said, “Today is an exciting day for Cimarron, our employees, new team members from Hy-Bon/EDI, investors and customers. The combination with Hy-Bon/EDI broadens our offering to provide greater value to our upstream and midstream customer base. Hy-Bon/EDI’s leading vapor recovery technology, substantial installed operating base and dedication to field services, align with Cimarron’s strategic focus on regulatory products and emissions control solutions. This combination immediately provides stronger sales, manufacturing and service infrastructure allowing us to better serve our customers. As part of the acquisition, we bring together the leaders and employees of both companies to unite behind a common vision, and are excited about our future as the industry leader in environmental solutions and production equipment.”
Together, the product capabilities of Cimarron and Hy-Bon/EDI now cover a complete range of environmental solutions including engineered vapor recovery units (“VRUs”), vapor recovery towers (“VRTs”), enclosed combustion devices (“ECDs”), and flares, all of which are used by oil and natural gas operators to reduce venting of greenhouse gasses to comply with voluntary emissions reduction initiatives and/or the EPA’s New Source Performance Standards (“NSPS”) OOOOa requirements. Additionally, the Company’s aftermarket service business will expand to include Hy-Bon/EDI’s Leak Detection and Repair (“LDAR”) services, which enable compliance with NSPS OOOOa standards and offer strategies to reduce fugitive emissions.
John Clarke, Chairman of the Board and a Partner with Turnbridge Capital, Cimarron’s largest shareholder, commented, “The combination of Cimarron and Hy-Bon/EDI brings together two highly capable teams with deep experience in engineering and design, manufacturing and field service. Together, we can offer our customers a broader array of emissions control products ranging from standard designs, which are integral to the cost-effective production of oil and natural gas, to highly customized solutions designed to address more complex vapor recovery and environmental compliance challenges.”
About Cimarron Energy
Cimarron Energy, Inc. is a Houston, TX based manufacturer of oil and natural gas production equipment and environmental products to exploration and production companies as well as midstream operators throughout the U.S. The Company manufactures high quality equipment safely and efficiently from facilities in Newcastle, OK, Marlow, OK, Evans, CO, and Wheatridge, CO and provides a broad range of aftermarket services to its customers. For more information on Cimarron, please visit http://www.cimarronenergy.com.
About Turnbridge Capital
Turnbridge Capital is an energy-focused private equity firm with offices in Dallas and Houston, Texas. The firm invests alongside experienced management teams in companies that provide products and services to the upstream, midstream, downstream, renewables and adjacent energy-related infrastructure segments. For more information on Turnbridge, please visit http://www.turnbridgecapital.com.