Parallel49 Equity Completes Sale of Kinetrex Energy
LAKE FOREST, Ill., August 24, 2021-Parallel49 Equity today announced the successful closing of the sale of Indianapolis-based Kinetrex Energy to Kinder Morgan, Inc. (NYSE – KMI) for $310 million. Parallel49’s Fund V acquired Kinetrex in December 2016. The Transaction represents firm’s largest ever multiple of invested capital on single investment.
Kinetrex is leading supplier of liquefied natural gas in the Midwest and a rapidly growing player in producing and supplyng renewable natural gas (RNG) under long-term contracts to transportation service providers. Under Parallel49 ownership, Kinetrex completed a significant expansion into landfill-based RNG production, transforming Kinetrex into a leading alternative energy company and helping its customers achieve carbon negative mandates as well as their environmental, social and governance objectives.