LNG

Chart Industries, the LNG equipment and industrial gas technology company, has closed the sale of the subsidiary Cofimco to a London-based private equity firm as divestments continue to pay down debts while Chart will now be a customer of Cofimco.

The purchaser of Cofimco was PX3 Partners in an all-cash transaction for around $80 million.

PX3 Partners said it was pleased to acquire Cofimco, a leading provider of engineered air-moving solutions used in demanding industrial cooling applications.

“The transaction represented the second investment from PX3’s inaugural fund and draws on PX3’s transatlantic reach and global DNA, while leveraging the firm’s proven corporate carve-out skill set,” said the firm.

Bespoke products

Headquartered in Italy, Cofimco is a leading designer, manufacturer and seller of axial cooling fans and related services.

“Its specialised and bespoke products and services are distributed to a global and diversified customer base across more than 60 countries and support their industrial processes with mission critical heat-control solutions, ensuring that they can operate safely and continuously, including by reducing thermal pollution,” explained PX3.

“Cofimco’s products and services are deployed in demanding heat-generating processes in a wide range of end markets, including energy and power generation, heating, ventilation and air conditioning (HVAC), industrials and LNG,” it added.

PX3 said that Cofimco was a trusted and globally recognised brand with proven, patented products and technologies.

The company benefits from a large installed base and a strong aftermarket sales model, with Chart Industries remaining a customer of Cofimco following the transaction.

PX3’s investment in Cofimco aligns closely with the three pillars of its investment strategy.

“Through its customer centricity and energy efficient products, the company benefits from two of the transformative themes that PX3 seeks to underwrite, namely Compete Smarter and Planet First,” it stated.

“Furthermore, it operates in the branded light manufacturing and building tech segments of industrials, two of PX3’s areas of focus,” it added.

Benefits

PX3 said that Cofimco would benefit further from PX3’s global network of deep relationships and its expertise in helping businesses grow internationally across Europe, North America and Asia.

“Following our investment in Filtration, we are excited to announce the acquisition of Cofimco, a global market leader in engineered air moving and cooling solutions,” PX3 concluded.

PX3 stands for “purpose, passion, and performance” and is a pan-European private equity firm that targets companies operating within select segments of the business services, consumer and leisure, and industrials sectors with strong business fundamentals.

“PX3 is committed to supporting Cofimco and its management team to drive transformative growth internationally and operational improvement,” it said.

Connect LNG, the Norwegian technology provider of jettyless solutions for marine loading and bunkering, has re-branded itself as ECONNECT Energy to reflect a broader focus on clean energy transfer solutions.

“The new focus aims to make clean energy accessible globally to realise solutions for not just LNG, but also renewable fuels and the carbon-capture value chain,” said the Oslo-based company.

Connect LNG was founded in 2012 based on the belief that clean energy should be accessible and affordable.

The Connect LNG floating jettyless system, the IQuay (previously named the UTS), can also be used for carbon capture and storage (CCS) and renewable fuels such as ammonia, bio LNG and hydrogen.

The first the IQuay called “La Santa Maria” was used in Norway in February 2019 for an operation involving Norwegian state-backed energy company Equinor and Naturgy Group, the Spanish utility and participant in the LNG market with global supplies, also now including US and Russian volumes.

The successful operation took place offshore Langesund in Norway, an area renowned for harsh weather during winter time.

The new ECONNECT company will leverage its experience in the LNG energy market to enable a seamless transition into new, carbon-free area.

It explained that with a focus now switched to include the potential of renewable energies, a new name was required to align with the company’s ambitions.

“A passion for change and a desire to challenge ‘common practice’ are in the company’s DNA,” said ECONNECT Chief Executive Morten Christophersen.

“When we designed our transfer solution we always wanted to apply it to more than just LNG,” explained Christophersen.

“With our current focus and success in the LNG market coupled with experience with CCS and renewables, we are well-positioned to broaden our scope to include new, carbon-free energy solutions,” stated the CEO.