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CNG Source Retains Heritage Equity Partners as it Seeks Investor

December 14, 2015, 07:43 AM
Filed Under: Industry News

CNG Source, Inc., a leading provider of turn-key CNG station design, equipment production, and installation, has retained Heritage Equity Partners to seek an investor, joint venture partner, or buyer for the business.  Founded in 2011, CNG Source is headquartered in Indianapolis and owns and operates two CNG fueling stations in the area.

Additionally, CNG Source is a registered UL panel shop, certified weld shop meeting ANSI B31.3 standards, and manufactures in a 21,000 square foot leased facility with the capabilities to create and assemble compressor packaging from 7.5HP to 600HP from leading compressor units including GE – Superior, Bauer, Gardner Denver, BRC FuelMaker, and others. The Company has a proprietary line of dispenser units branded “Triumph”, operating with the Comdata card reader system and the public CNG dispensers they manufacture are NTEP Certified for weights and measures. In addition to designing and manufacturing CNG dispensing stations, CNG Source provides custom Priority panels, remote monitoring SCADA systems and has long term maintenance contracts with several companies for whom they have developed stations. 

Doug Lubs, President of CNG Source, commented “We have a robust pipeline and are actively exploring options that will allow our Company to not only complete these near term projects, but also allow us to aggressively pursue additional opportunities in the future. CNG Source provides true end-to-end solutions from system design, building, and manufacturing to long term maintenance and warranty services. We are eager continue serving our customer base and see what new options are available to us through this process.”

Matt LoCascio, a Managing Director at Heritage Equity Partners, stated “The company is in need of working capital to support growth and we are exploring many possible scenarios to solve this problem, including new money, either debt or equity, a joint venture partner, or a going concern buyer. There are many positives surrounding CNG Source and I believe it presents an excellent opportunity for someone to invest in, or acquire, an established business in this growing space that has the capacity to continue to meet government and private investment demand.”

Heritage Equity Partners, formerly “Equity Partners”, based in Easton, MD, provides investment banking services for unique business situations and has completed in excess of 400 engagements throughout the United States since 1988.  

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