NEW YORK--(BUSINESS WIRE)--Basalt Infrastructure Partners LLC (“Basalt”) announced today that the third flagship Basalt fund (“Basalt III”) has entered into a definitive agreement to acquire Xpress Natural Gas (“XNG” or the “Company”).
XNG is a fully integrated Compressed Natural Gas (“CNG”) provider operating in the United States and Canada. The Company provides reliable, low-carbon energy solutions to utility, commercial and industrial end-users.
“We are excited about the opportunity to work with the XNG management team to continue the Company’s growth trajectory, while maintaining focus on reliable and safe operations,” stated David Greenblatt, Partner of Basalt, exclusive advisor to the Basalt funds. “XNG is well positioned to support end-users who benefit from the Company’s leading CNG network, while reducing carbon emissions.”
“We could not be more excited about joining the Basalt portfolio and gaining access to a world class team and resources. XNG’s significant growth in the C&I, Utility and Virtual Pipeline markets has only been constrained by its access to capital,” said John Nahill, CEO of XNG. “Basalt and Basalt III together bring the market knowledge, operational experience and financial backing necessary to meet our ever evolving and growing customer demand.”
Consummation of the transaction remains subject to customary closing conditions. The terms of the transaction are not being disclosed. This transaction will mark Basalt III’s third investment, after Habitat Solar and Full Fibre Limited.
National Bank Financial Inc. served as exclusive financial adviser to Basalt and Kirkland & Ellis served as its legal adviser. RBC Capital Markets served as exclusive financial adviser to Xpress Natural Gas and WilmerHale served as its legal adviser.
Basalt is the exclusive investment advisor to the Basalt funds, comprising Basalt I, Basalt II and Basalt III. The Basalt funds are infrastructure equity investment funds focusing on mid-market investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments by the Basalt funds in North America include the Upper Peninsula Power Company, Texas Microgrid, DB Energy Assets, Detroit Thermal, Hyperion Power, Helios Power, Black Bear Transmission, and Habitat Solar.
For more information, please visit www.basaltinfra.com.
About Xpress Natural Gas
Founded in 2011, XNG provides an alternative energy source for businesses without access to a gas pipeline. By transporting compressed natural gas in both the U.S. and Canada, XNG provides a consistent and reliable, low-carbon energy source for its broad customer base. The company’s business model enables CNG to be delivered to over 40 customer sites around the clock, 365 days a year. As a leading provider of CNG, the company is positioned for exponential growth in customer installments throughout 2021 and beyond.
For more information, please visit www.xng.com.