Foley & Lardner represented private equity firm Ara Partners in its investment in Path Environmental Technology, LLC, an industrial services provider headquartered in Houston.
Ara Partners is a Houston-based private equity firm specializing in industrial decarbonization investments. It invests in the industrial, chemical and materials, and energy efficiency sectors, seeking to build businesses that are focused on sustainability and ESG principles.
Path, founded in 2014 and formerly known as Sweat Energy Services, cleans aboveground storage tanks (“ASTs”) and rail tank cars using proprietary methods to reduce greenhouse gas emissions, waste generation and hazardous man-hours. Path’s differentiated service offering—unique technologies coupled with highly-trained personnel—serves the agriculture, chemical, food & beverage, petrochemical, pulp and paper and refining industries throughout North America.
In addition to purchasing a majority interest, Ara Partners invested additional capital to develop Path’s technology and expand its team and geographic footprint. Path’s previous controlling shareholder, Sweat Equity Partners, maintains a significant equity interest in Path.
Financial terms of the transaction were not disclosed.
Partners Shiva Sandill and Spencer Moats and associates Craig Roush and Chris Terris led the Foley deal team with assistance from Partner John Palmer, Senior Counsel Chris Babcock and associate Jordan Bergmann.