HC2 Holdings, Inc. announced yesterday the acquisition of a majority interest in ANG Holding, Inc. through the purchase of shares of Series A Convertible Preferred Stock. American Natural Gas, LLC (ANG), which is a premier distributor of the fuel in the Northeast that designs, builds, owns, operates and maintains CNG fueling stations, will continue to do business as a wholly-owned subsidiary of ANG Holdings, Inc.
Philip Falcone, HC2’s Chairman, President and Chief Executive Officer, stated: “We are pleased to complete HC2’s second acquisition with the purchase of a majority interest in ANG, a company with in-depth experience in the natural gas fueling industry. We look forward to working with ANG’s management team and employees, and continuing the building of ANG’s network of natural gas fueling stations.”
Drew West, the CEO and Founder of ANG, added: “This transaction will energize our business and allow us to move forward with our plans for the rapid deployment of a series of heavy duty natural gas fueling stations designed and located to serve fleet customers.”
“The American transportation sector is rapidly converting from foreign-dependent diesel fuel to clean burning, American natural gas, which dramatically reduces emissions, extends truck life and significantly reduces fuel costs. This transaction, coupled with HC2’s access to capital and debt markets, is a win for ANG, HC2 and the alternative fuel market,” he concluded.
Source: HC2 Holdings, Inc.