San Leandro, CA (August 15, 2011) -- NewWorld Capital Group acquired Cleaire Advanced Emission Controls LLC, a provider of particulate matter (PM) and nitrogen oxides (NOx) abatement products for heavy-duty diesel-powered vehicles. Cleaire's exhaust filters, catalysts and other products are verified by the California Air Resources Board (CARB) at Level 3, a Best Available Control Technology (BACT) abatement standard. The company's products reduce PM emissions from in-use diesel engines by greater than 85%.
Headquartered in San Leandro, Calif., with a manufacturing facility in San Diego, Cleaire holds a leading share in the retrofit diesel particulate filter (DPF) market in the U.S. and also sells its products in selected foreign countries.
Diesel-generated PM (especially fine particles less than 2.5 microns in diameter) is a significant health hazard associated with a variety of health issues including asthma, bronchitis, irregular heartbeat, heart attacks, and cancer. More than 70 million people in the United States live in federal Environmental Protection Agency designated "Nonattainment Areas" for fine PM standards.
In light of rapidly growing demand for mobile-source DPFs, NewWorld's investment will enable Cleaire to expand its sales and product support capability in domestic and international markets.
"Cleaire is confronting a major opportunity as demand for reducing diesel particulate emissions surges in California and elsewhere around the U.S.," said Cleaire's founder, Kevin Shanahan.
"The experience, skills and market access of the NewWorld team will be crucial as we work to meet the rapidly growing demand for reducing diesel engine pollution," said Gale Plummer, Cleaire's CEO.
"We were deeply impressed with Cleaire's innovative diesel emissions reduction products and the benefits they bring to the world," said Bill Hallisey, a founding partner of NewWorld Capital. "We look forward to working with Gale Plummer and his talented management team which will remain unchanged to achieve significant sales and earnings growth as the company deploys its DPF products around the world to reduce the environmental costs associated with diesel-powered vehicles."
Cleaire offers retrofit exhaust control systems for in-use diesel engines. Cleaire offers eight diesel emissions control products for on-road and off-road vehicles, all of which are Level 3+ verified by the CARB.
NewWorld Capital Group is a private equity firm focused on investing in environmental opportunities, principally in the U.S. NewWorld makes growth equity and control investments in growing mid-sized and smaller companies in energy efficiency, clean energy, pollution abatement, water reclamation and reuse, waste-to-value, sustainable/biodegradable materials, and related environmental services. The firm does not accept technology risk and invests only when a productive partnership can be formed with company management. NewWorld was founded by a group of investors from General Electric, Goldman Sachs, McKinsey, and several private equity firms.