APR Energy, a provider of fast-track power solutions, has announced a consortium of investors purchase the company for an undisclosed amount.
The acquisition was deemed successful Jan. 5.
“Our new investors bring significant strategic value to our business, including global relationships, a sophisticated understanding of international finance and extensive experience investing in global power markets,” said John Campion, APR Energy executive chairman. “Their significant investment reflects a strong belief in our business, our market and our management team, and we expect them to be great partners as we grow the company and continue to serve our expanding base of global customers.”
The consortium – Fairfax Financial Holdings Limited, ACON Equity Management and Albright Capital Management – has agreed to commit more than $200 million to reduce APR Energy’s debt and increase working capital.
“With these new partners, we will have greater flexibility to manage through the short-term variations in our business cycle while staying focused on our longer-term growth objectives,” said Laurence Anderson, APR Energy chief executive officer. “We also will have access to additional capital to fund growth initiatives.”