Innova Global Limited, a portfolio company of TriWest Capital Partners, has acquired key liquidated intellectual property assets of its commercial rival Express Integrated Technologies (EIT).
Express Integrated Technologies (EIT) was one of four affiliated operating divisions of Express Group Holdings LLC. Express Group Holdings and its affiliates filed for Chapter 7 protection in the Oklahoma Bankruptcy Court in early November 2016.
Innova Global was selected as the successful bidder for EIT’s intellectual property assets, work in progress for a major project, and operating assets of the St. George Steel and Murray manufacturing facilities in Utah at an auction in the Oklahoma Bankruptcy Court in late January.
Express Integrated Technologies was established in 1979 and grew to become a recognized industry leader in the design and manufacture of heat transfer, combustion and environmental compliance-engineered equipment for the power and industrial markets.
EIT had been a competitor in emissions control using Selective Catalytic Reduction technology and also competed with Innova in the supply of a variety of other products.
Founded in 1991, Innova Global, formerly ATCO Emissions Management, is a full service engineering, procurement, manufacturing and construction company specializing in air and noise emissions control, acoustic consulting, heat recovery, and equipment and infrastructure solutions primarily for the power generation, industrial, and oil & gas industries.
TriWest acquired ATCO Emissions Management from ATCO Ltd. (TSX: ACO) in December 2015 for $[mepr-active rule=”374″ ifallowed=”hide”]##subscriber ONLY content##[/mepr-active][mepr-active rule=”374″]60[/mepr-active] million.
photo credit: Innova Global