Kinder Morgan has acquired Indiana renewable natural gas developer Kinetrex Energy for $310 million. The seller was private equity firm Parallel49 Equity.
Kinetrex is a major supplier of liquefied natural gas in the Midwest. The company is rapidly expanding into the production of renewable natural gas (RNG), which it supplies under long-term contracts to transportation service providers.
Parallel49’s Fund V acquired Kinetrex in December 2016. Under Parallel49 ownership, Kinetrex completed a significant expansion into landfill-based RNG production, transforming it into an alternative energy company.