Turnbridge Capital Recaps Flare Industries

Turnbridge Capital has recapitalized Flare Industries, the company announced Tuesday. Details of the funding were not released. Flare Industries is based in Austin, Texas, and designs, manufactures and installs combustion and pollution control technology and equipment. Turnbridge is an energy-focused private equity firm with offices in Dallas and Houston.

PRESS RELEASE
Turnbridge Capital, LLC (Turnbridge), together with the existing owners and founders of Flare Industries, Inc. (Flare) are pleased to announce the equity recapitalization of Flare and the expansion of its capital resources to facilitate future growth.

Flare, headquartered in Austin, TX since its formation more than 25 years ago, is an industry leader in the design, manufacture and installation of combustion and pollution control technology and equipment. Through its offices in the United States, Canada, United Kingdom, United Arab Emirates and Singapore, Flare delivers high-quality flare systems, thermal oxidizers and ignition systems to clients in a range of industries worldwide. Flares are devices which burn, combust, or oxidize industrial gaseous wastes in a safe, controlled and efficient manner.

“We are very pleased to be partnering with Turnbridge to strengthen our resources for serving customers globally and across all of our end markets. Importantly, all of the founding shareholders of Flare are retaining ownership in the recapitalized company, and the entire management and employee team will remain engaged in the pursuit of our shared goals going forward,” said Michael Hainsworth, Flare president and chief executive officer. “We think the investment by Turnbridge demonstrates an appreciation for our accomplishments to date and an important endorsement of the present and future opportunity to significantly broaden the Flare platform across product lines, applications, and market geography.”

The partnership between Flare and Turnbridge will afford Flare the opportunity to accelerate the growth of its product offerings and distribution network to better serve customers across the world. Flare will continue to lead through technology and innovation in the engineered products for which it is recognized, with expanded financial capabilities to address a rapidly growing global market. Increased investment in product research and development, deployment of capital for both organic growth and opportunistic acquisitions, and continued expansion of the Flare team across all disciplines of design, manufacturing, and after-market service will enhance the complete solutions which Flare provides to its customers.

“The Hainsworth family and their management partners at Flare have built a company focused on providing the highest quality solutions for their customers’ needs, while also creating a workplace environment which has attracted a skilled, innovative and highly motivated employee team,” added J. Kent Sweezey, Turnbridge managing partner. “Flare will provide a unique opportunity to leverage the experiences and relationships of our Turnbridge team, particularly drawing upon the most recent leadership position of John Clarke as chief executive officer at NATCO, where he executed a targeted growth strategy across global markets. Together with a diverse and experienced group of co-investors, we look forward to supporting Flare’s growth and pursuit of its strategic objectives.”

About Flare Industries
Flare Industries, Inc., based in Austin, TX, is a leader in the combustion and pollution control technology industry. Founded more than 25 years ago, the Company designs, manufactures and installs flare systems, thermal oxidixers and ignition systems sold globally to a diverse set of customers in a wide range of operating industries. Additional information regarding the Company is available at its Web site (www.flareindustries.com).

About Turnbridge
Turnbridge Capital, LLC is an energy-focused private equity firm with offices in Dallas, TX and Houston, TX. Owned entirely by its principals, Turnbridge pursues investments in the middle-market alongside experienced management teams with shared goals and aligned interests.