Fulcrum Capital invests in carve-out of IST from Aecon Group
Canadian private equity firm Fulcrum Capital Partners has partnered with the management of Innovative Steam Technologies (IST) to complete a carve-out of the business from construction company Aecon Group Inc (TSX: ARE). Fulcrum Capital did not disclose its investment, however, Aecon said the sale generated an initial $35 million in gross cash proceeds. Based in Cambridge, Ontario, IST is a designer, engineer, manufacturer and installer of heat recovery steam generators for power generation and enhanced oil recovery applications. The deal is the third announced so far this year by Fulcrum Capital Partners V LP, which is currently being marketed to raise $300 million.
16 April 2015•2 mins read
