Flare Industries, Inc. Has Completed a Majority Recapitalization with Turnbridge Capital, LLC
HOUSTON, September 2011 — GulfStar Group is pleased to announce the majority recapitalization of Flare Industries, Inc. (“Flare” or the “Company”) by Turnbridge Capital, LLC (“Turnbridge”). GulfStar Group served as exclusive financial advisor to Flare throughout the transaction, which closed on September 26, 2011. The Company’s legal advisor was DuBois, Bryant & Campbell, LLP of Austin, TX.
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.
“GulfStar Group could not have been a better advisor for us throughout the entire process. Starting with educating us at the beginning of this process all the way through the due diligence phase to closing, they were there every step of the way. With their assistance, we were able to find in Turnbridge, a partner which brings us the financial and operational resources that we need in order to meet our goals,” 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 GulfStar Group transaction team included Managing Director Alan Blackburn and Associate Jay Stone. “It was a pleasure to work with both the Hainsworth family and Turnbridge on this transaction,” said Alan Blackburn. “This is a classic case where a recapitalization with a private equity firm created the opportunity for the founding owners of a business to realize a meaningful liquidity event while preserving the opportunity for a family member to accelerate the growth of the company in partnership with a sophisticated financial investor. We look forward to following the success of Flare in the years to come.”
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. Typical transactions for Turnbridge involve companies which range in enterprise value from $25 million to $250 million.
GulfStar Group is a leading middle market investment and merchant bank headquartered in Houston, TX, with a strong market presence in Austin, Dallas, Louisiana and Oklahoma. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, restructuring and turnaround advisory services and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed over 500 transactions in more than 30 states and six foreign countries across a variety of industries. Through its merchant banking affiliate, the firm also makes equity and subordinated debt co-investments.
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