Huntington Capital Fund II, L.P ("Huntington"), a San Diego based lower- middle market focused private equity mezzanine fund, is pleased to announce that it has completed a recapitalization of Paragon Airheater Technologies, Inc. ("Paragon"), a leading provider of proprietary products and services that reduce fuel consumption and carbon emissions in fossil fuel-fired power generation plants.
Huntington partnered with lead investor Arborview Capital Partners and Sail Ventures to provide mezzanine debt and equity to complete the recapitalization.
"With an estimated $42 billion of investment expected in power plant upgrades over the next several years, the measurable efficiency gains and cost savings from Paragon's solutions should result in substantial growth in demand," said Cannon Pearson, co-founder and COO of Paragon. "With the financial and strategic support of our new investor group, the Company will accelerate the development and delivery of our market leading products and services."
"Paragon's products provide measurable efficiency gains and cost savings to a blue chip customer base of leading power generation companies. We look forward to working with Arborview Capital and Sail Ventures in helping the Paragon team continue to grow at a healthy rate" noted Huntington Partner Tim Bubnack.
"Power plant efficiency is one of the most easily achievable and lowest cost methods for immediately improving plant performance and curtailing carbon emissions. Paragon's proven suite of products and services allows owners of power generation assets to reduce both the operating costs and the carbon footprint of their power plants." said Karl Khoury of Arborview.
About Paragon Airheater Technologies
Paragon specializes in the manufacture of high-performance seals and related parts for rotary, regenerative airheaters. Paragon's high performance products are specifically engineered to improve fuel efficiency and reduce the emissions of pollutants while withstanding the harsh operating conditions normally encountered in the airheater. The immediate improvement in airheater performance provides a compelling ROI for operators of power generation assets. Paragon has established a broad presence in the power generation market worldwide. For more information, visit www.paragonairheater.com.