Fulcrum Capital Partners Announces Equity Investment in Innovative Steam Technologies
Fulcrum Capital Partners has partnered with the management of Innovative Steam Technologies (IST) to complete a carve-out of IST, previously an independent, wholly owned subsidiary of Aecon Group Inc.
IST designs, engineers, manufactures and installs proprietary heat recovery steam generators for power generation and enhanced oil recovery applications. IST has been in operation since 1992 and over the past 23 years has developed a global market reach with a well-established brand and reputation for quality and performance. IST’s customers include multi-nationals, power utilities, independent power producers, major oil & gas producers and EPC firms, and to date IST has sold over 200 units on six continents. IST has over 170 employees and is headquartered in Cambridge, Ontario.
The investment was made by Fulcrum Capital's Private Equity Fund V. IST marks the third investment in that fund.