Masdar, Virgin, buy petroleum waste co. DuraTherm

Abu Dhabi's Masdar Cleantech Fund and London's Virgin Green Fund today announced that they acquired DuraTherm, a Texas City, Texas-based petroleum and metal recycling business.

The funds did not disclose the financial terms of the deal, but said the two would be equal equity partners on the buyout.

The transaction was structured as an asset acquisition and was supported by debt from HSH Nordbank, according to Masdar and Virgin.

"Regulations relating to the handling of petroleum waste continue to strengthen in favor of environmentally friendly solutions such as the DuraTherm Desorption technology," said Wayne Keast, a partner of the Masdar Clean Tech Fund.

DuraTherm provides treatment services at its facility in Texas City or with its mobile units at a customer's site for waste streams generated by petroleum and olefin-related industries.

The Texas company works with waste streams including oil-contaminated drill cuttings, refinery wastes, petrochemical wastes, hydrocarbon-contaminated soils, spent catalysts, and other petroleum-compatible residuals.

The Masdar and Virgin funds said they will provide additional capital to support DuraTherm's growth, with the Texas City facility's capacity and capability to be expanded as a result of this investment.

The funds said DuraTherm will also invest in improving and deploying its mobile DuraTherm Desorption units, expanding its geographic availability to both U.S. and international customers.

Kevin Trant was hired to serve as DuraTherm's new CEO. Trant previously worked at Siemens Water Technologies where he was executive VP of its Services and Products Group, a division focused on five business segments targeting municipal and industrial customers.

DuraTherm founder and exiting CEO Barry Hogan will continue to serve the company as an adviser.

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