Bus

Clean Energy to acquire IMW Industries

Posted on July 7, 2010

Clean Energy Fuels Corp. and IMW Industries Ltd. signed a definitive agreement for Clean Energy to acquire IMW for consideration of $125 million plus a cash earn-out arrangement.

IMW, a private company headquartered near Vancouver, British Columbia, manufactures and services advanced natural gas fueling compressors and related equipment that is sold to station operators and commercial fleets. It has provided more than 1,000 installations in more than 20 countries and has a second manufacturing facility near Shanghai, China.

The purchase price includes $75 million to be paid at closing ($15 million in cash and approximately $60 million in Clean Energy common stock) plus four additional annual payments of $12.5 million each (consisting of $5 million in cash and approximately $7.5 million in cash or Clean Energy common stock to be determined at Clean Energy's option).

The earn-out arrangement will pay IMW's shareholders certain percentages of future gross profits earned by IMW over the next four years assuming the gross profit exceeds certain minimum thresholds and up to a maximum of $40 million in the aggregate.

Completion of the transaction is subject to certain closing conditions being met, including the registration of the Clean Energy shares paid to IMW shareholders at the closing. The companies intend to close the transaction in the third quarter of 2010. After closing, IMW will maintain separate operations as a subsidiary of Clean Energy.

View comments or post a comment on this story. (0 Comments)

More News

Nova Bus offers new products to promote safety and cleanliness

Additionally, Nova Bus service and distribution centers remain open and operational.

NFI Parts™ expands clean and protect product line

NFI Parts™ remains open for business and has focused efforts on product offerings to help operators protect drivers and passengers.

Forest River acquires REV Group shuttle bus business

Through the acquisition the company will add Champion Bus, Federal Coach, World Trans, Krystal Coach, ElDorado, and Goshen Coach.

Miami-Dade Transit adding 140 New Flyer CNG buses

The buses will replace older, end-of-life diesel vehicles with low-emission and more efficient buses that deliver increased sustainability in the community.

Alexander Dennis delivers first of 92 new buses to UK bus service

Go Cornwall Bus commenced services on the Transport for Cornwall network on Sunday March 29, less than three months after it was announced as the new operator.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation