Cimarron has released a statement to say it is “pleased to announce the acquisition of Aereon, a global market leader in emissions control solutions and services for upstream, midstream and downstream energy and infrastructure market applications.”
Jeff Foster, Cimarron CEO, said: “We are pleased that our two companies are joining forces to provide a more robust environmental solutions set for our global customer base. With the help of our mutual equity partner, Turnbridge Capital, we have been able to complete a transformative strategic combination amidst a global economic and industry backdrop that is extremely challenging for all participants. We are excited to strengthen our capabilities when many others are forced to retrench.”
Aereon, headquartered in Austin, TX, “serves multiple markets in most sectors of the global energy market, including a significant presence in all domestic shale plays and in select markets around the world” it said in the statement.
In addition, it said Aereon is one of the leading competitors in the global terminal market for gasoline storage and transfer: “Its product suite is expansive, representing a broad range of emissions control equipment and related services, including both engineered and standard design flares; vapor recovery equipment utilizing proprietary carbon bed absorption technology as well as standard design compression technology; enclosed combustion devices encompassing both standard designs as well as industry leading ultra-low emission burner technology for best–in-class destruction of volatile organic compounds and nitrous oxide.”
Aereon has a global service network that “supports its significant installed base and those of its competitors”.
Foster added: “Today is an important day for Cimarron, our customers, our employees and our new team members from Aereon. The combination broadens our offering to provide greater value to our upstream, midstream, and downstream customer base, at a time when environmental and social governance have become an increasing priority in our nation and abroad.”
He said Aereon’s history of providing innovative solutions related to vapor combustion and recovery is based on deep technical expertise and experience across the breadth of its markets. These core competencies complement Cimarron’s strategic focus on regulatory products and emissions control solutions as well as legacy production equipment.
The statement said this combination “will provide greater sales opportunities, lower costs from consolidation, increased manufacturing efficiencies and expanded service infrastructure which will enable the Company to enlarge our reach globally and better serve our customers. As part of the acquisition, we bring together the leadership and employees of both companies and unite behind a common vision and purpose.”
Saeid Rahimian, CEO of Aereon, said: “The combination of our two companies provides greater financial strength at a time of significant uncertainty and accelerates our growth into new and existing markets with broader capabilities and on a faster pace than either company could have achieved alone. The core values of the two companies are complimentary and will facilitate a smooth integration incorporating the best practices from each organization”.
For more information visit www.cimarron.com