‘Mission Is Inconsistent’ with Current Owner’s ‘Risk Profile’
Salt Lake City-based Trillium CNG, which was a unit of Integrys Energy until Integrys itself was acquired earlier this year by Wisconsin’s WEC Energy Group, has been put up for sale.
Senior WEC management “has evaluated the non-regulated business of Trillium CNG,” says a statement obtained by F&F, and “has concluded that, although there is significant value in Trillium and it is a highly respected brand, Trillium’s mission is inconsistent with the new company’s risk profile.”
- WEC is seeking a new owner for Trillium. Barclays and Lazard have been retained to serve as financial advisors in connection with a potential sale of Integrys Transportation Fuels (ITF), which does business as Trillium CNG;
- Trillium management thinks the company offers a robust growth profile in a rapidly developing CNG industry;
- They are looking to be part of a company where Trillium fits the core strategy and can continue to flourish; and
- There is already a high level of interest in Trillium from companies in the CNG market and from those seeking to enter it.
Trillium, says WEC, “will seek an owner that mirrors the integrity, customer focus and continuous improvement on which employees have prided themselves for years.”
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Source: WEC Energy Group with Fleets & Fuels follow-up