SAN ANTONIO (Feb. 9, 2016) — Group 42, Inc. announced today that it has completed the asset sale transaction of its subsidiary, Flo Trend Systems. The purchase closed February 9, 2016 after Wasser Logistics Holdings, LLC, led by members of Flo Trend Systems management including Chief Operating Officer Martin Kroesche, and Genesis Park, LP, a private equity firm, acquired the company.
“The decision to sell Flo Trend Systems was made after careful review of Group 42’s assets in 2015,” said Group 42 President and CEO Paul A. Bell. “It complements our business strategy of allocating capital toward new strategic opportunities as a result of the continuing uncertainty in global commodity markets.”
As a leader in the filtration, liquids/solids separation, oil/water separation and mixing solutions for over 30 years, Flo Trend Systems offers a wide range of products to an extensive customer base in the municipal, industrial and oil and gas sectors. Group 42, Inc., a U.S.-based holding company, delivers innovative energy services to international and enterprise class customers around the globe.
Group 42 Chairman Michael Keane said, “For 19 years, Flo Trend Systems has been a valued and important business under the Group 42 umbrella. We look forward to continuing our work together and wish Flo Trend Systems' management and employees success in the future.”
“We are very excited to be entering this new phase with Flo Trend,” said Martin Kroesche. “For well over 30 years the company has delivered quality services and products, and we are committed to continuing Flo Trend’s tradition of excellence.”
The sale allows Group 42 and Flo Trend Systems to operate as two separate, strong entities and represents a positive, transformational move with significant benefits for Flo Trend Systems. With Flo Trend Systems acquired by a management team already in place, all current employees are expected to continue with the company, and existing clients can expect uninterrupted services.
About Group 42
Group 42 is a U.S.-based holding company that delivers innovative energy services to international and enterprise class customers around the globe. Through its subsidiaries like Well Flow International and global joint ventures, it partners with other multinational energy companies that have expertise in applying technology-oriented solutions. Group 42 operates in North America, Asia Pacific, the Arabian Gulf, West Africa and the North Sea.