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.

QatarEnergy said it delivered the 1,000th liquefied natural gas shipment to the South Hook LNG Terminal at the Welsh port of Milford Haven on the southwest coast of the United Kingdom.