Streamline Innovations Inc. said it had completed a recapitalization with new investors and that it is now eyeing growth in the energy sector and other industrial markets.
Eldon Pass, which describes itself as a group of mature operating companies, real estate and new ventures, led the equity investment for Streamline Innovations. Select Milk, a Dallas, Texas-based dairy cooperative, was the lead equity participant, according to a statement on Streamline Innovations’ website.
San Antonio, Texas-based Streamline Innovations offers patented solutions to eliminate toxic and corrosive hydrogen sulfide emissions from oil, gas, renewable natural gas, carbon dioxide, municipal and industrial wastewater and other industrial processes, according to the company.
“Additionally, Proterra Investment Partners LP arranged and led a comprehensive unitranche loan to help facilitate the transaction”, the statement said.
“These combined proceeds will be used as strategic capital to position Streamline for continued growth in the energy market, as well as expansion into additional industrial markets and geographic regions.
“Proceeds were also used to redeem the majority of existing equity holders at attractive returns for them, and to simplify the company’s ownership structure”.
The statement did not disclose the financial details of the transaction.
“Now, with the support of our new stakeholders, we are poised for continued growth, which we will pursue in various ways including the development of new products and technologies to help customers both economically and environmentally”, said Streamline Innovations co-founder and chief executive Dave Sisk.
“While the company will continue to operate as an independent entity, we couldn’t be more excited to partner with Select Milk… In addition to growing our existing energy business and serving our great customers in the energy space, we see additional opportunities that exist through the Select Milk relationship”.
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