Chicago-based private equity firm Parallel49 Equity has acquired Indianapolis-based Kinetrex Energy from Citizens Resources, a subsidiary of Citizens Energy Group. Financial terms of the deal were not disclosed, though Kinetrex Chief Executive Officer Aaron Johnson says no jobs will be lost as a result.
Johnson, who will remain CEO following the acquisition, says the company plans to add a small number of jobs by this summer. Kinetrex is a supplier of liquefied natural gas and operates two production facilities in Indianapolis. It also provides traditional pipeline natural gas and renewable natural gas energy solutions for customers.
"Since starting Kinetrex, we have become the leading Midwest provider of high quality LNG as a clean and alternative energy fuel source," said Johnson. "As a lifelong Hoosier I am pleased that Citizens’ sale to Parallel49 will keep Kinetrex headquartered in Indianapolis. Moreover, we are confident that Parallel49 Equity will help accelerate our growth strategy so as to achieve the same success in the RNG and PNG markets that we have enjoyed in the LNG market."
Kinetrex currently has 25 employees and, following the new hires later this year, Johnson says will continue to add to its ranks based on the company’s growth.