SOUTHLAKE, Texas and KENNESAW, Georgia – March 16, 2016 – Insight Equity Holdings LLC (“Insight Equity”), the Southlake, Texas-based private equity firm, is pleased to announce that its air pollution control manufacturer, Dustex Holdings LLC (“Dustex”), has acquired Bellevue, Washington-based Lundberg LLC (“Lundberg”).
Founded in 1976, Lundberg specializes in the design and supply of custom solutions including engineering, systems, and equipment for the process industries, to meet each client’s unique environmental, energy efficiency, evaporation and chemical processing needs. The Company offers a full range of services from studies and audits through complete EPC installations. Its portfolio includes a wide range of technologies and solutions designed to help clients manage emissions (including its exclusive brand of Geoenergy® E-Tube wet electrostatic precipitators and GeoTherm® / GeoCat® regenerative oxidizers); improve energy efficiency; and/or increase revenue through the recovery of valuable system byproducts.
The current Dustex and Lundberg management teams will continue to lead the two respective businesses, building on their track records of creating value for customers and shareholders.
“The combination of Dustex and Lundberg creates a complete portfolio of emissions control and energy recovery technology offerings. The complementary fit between the two companies provides us with both additional scale and ability to expand our offerings into an even wider array of industries and geographies further enhancing our never-ending goal of presenting the optimal solution for every application,” said Dustex CEO Patrick Paul.
“We, at Lundberg, are excited to partner with Dustex. From a culture and management perspective, we felt very comfortable in joining Dustex to help accelerate our company’s growth trajectory,” remarked Lundberg CEO Doug Giarde. “We are looking forward to executing on the significant cross-selling synergies presented by this opportunity.”
Victor Vescovo, COO and Managing Partner at Insight Equity and also Dustex’s Chairman, noted “It always appears that air pollution regulations become stricter, and not the reverse, so we are looking forward to providing the market with a technological leader in the field that can service both U.S. and international customers that need to meet ever-increasing emissions standards.”
“Insight Equity is enthusiastic to support these two management teams as we see significant value creation potential in the partnership of Dustex and Lundberg,” added Ben Stolbach, a Senior Vice President at Insight Equity and the lead arranger of the transaction.
Dustex Holdings’ current technology portfolio includes air pollution control manufacturer, Dustex (www.dustex.com), in Kennesaw, GA; the gypsum waste-stream conversion business, Sparstane (www.sparstane.com), in Birmingham, AL; and now Lundberg.
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