The Private Equity team advised Agility Fuel Solutions on its definitive agreement to be acquired by Hexagon Composites ASA for $124.2 million. Hexagon will acquire the remaining 50% of Agility and strengthen its position as a global leader for gas fuel solutions. This transaction values Agility's equity at $250 million and is expected to close in January 2019.
In 2016, Agility Fuel Systems and Hexagon's medium and heavy duty CNG automotive businesses merged to create Agility, resulting in Hexagon owning 50% of Agility. The companies have delivered more than half a million cylinders and over forty thousand fuel systems to customers around the globe.
Agility Fuel Solutions is a leading global provider of clean fuel solutions for medium- and heavy-duty commercial vehicles. Its product offerings include natural gas, hydrogen, and battery electric energy storage and delivery systems, Type 4 composite natural gas cylinders, propane and natural gas fuel systems, and propane dispensers
The Goodwin team was led by partners Joshua Klatzkin and included partners David Patton and Sarah Bock; and associates Mark Joseph and Benjamin Gossels.
For additional details on the acquisition, please read the press release.