This article was written by Sergio Chapa, Reporter, and was featured in the San Antonio Business Journal on February 16, 2016. Follow this link to the original article.
Group 42 confirmed the sale of Flo Trend Systems to Houston-based Wassar Logistics Holdings LLC in a deal that was finalized on Wednesday.
Texas Secretary of State Office Records show that Wassar Logistics Holdings was formed on Jan. 28 with Flo Trend Systems COO Martin Kroesche, Director of Operations Steve Schonefeld and Sales Director Glenn Massey all listed on the new company's board.
Flo Trend Systems has provided water filtration, liquids and solids separation, oil and water separation and mixing solutions for the past 30 years but came under the Group 42 umbrella of companies back in 1997. The sale means that it will now operate as a separate and independent company.
“We are very excited to be entering this new phase with Flo Trend,” Kroesche said in a statement. “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 price has not been disclosed but Group 42 revealed that the deal was partially financed by private equity firm Genesis Park LP.
Group 42 President and CEO Paul Bell said the decision to sell Flo Trend Systems was made following a careful review of the San Antonio-based holding company's assets in 2015.
“It complements our business strategy of allocating capital toward new strategic opportunities as a result of the continuing uncertainty in global commodity markets," Bell said in a statement.
Because Flo Trend Systems was acquired by a management team already in place, all of its current employees are expected to continue with the company while its existing clients can expect uninterrupted services.
Group 42 is a San Antonio-based holding company that provides technology-based services to customers in North America, Asia Pacific, the Arabian Gulf, West Africa and the North Sea.