Virginia-based HC2 Holdings Inc. has bought a majority interest in ANG Holding Inc., the parent company of natural gas refueling infrastructure specialist American Natural Gas LLC.
American Natural Gas, which is headquartered in Saratoga Springs, N.Y., has focused largely on the build-out of CNG stations in the Northeast, with projects in states including New York, Maine and Vermont. The company also coordinates natural gas vehicle conversions and operates NGVs in its own fleet.
‘This transaction, coupled with HC2's access to capital and debt markets, is a win for ANG, HC2 and the alternative fuel market,’ says Drew West, CEO and founder of ANG.
Philip Falcone, chairman, president and CEO of HC2, noted that the company will be working with ANG to continue the firm's work in the CNG station segment, supporting the expansion of ANG's refueling network.
Terms of the deal were not disclosed.