Progress Materials, Inc.

Situational Analysis

Progress Fuels Corporation sought to divest its wholly owned subsidiary Progress Materials, Inc.

By combining its patented Carbon Burn-Out (CBO) technology with its expertise in power plant operations, PMI offers utilities a unique solution in dealing effectively and efficiently with disposal of fly ash from coal-fired power plants.

The management of PMI formed a new special purpose company, PMI Ash Technologies, LLC. PMI Ash Technologies, LLC provides commercially attractive and environmentally friendly ash management solutions. 

Fieldstone Role

 

Fieldstone acted as an exclusive financial advisor to PMI management team in connection with the acquisition of PMI through a management buyout.  Fieldstone's role included valuation of the PMI business and solicitation of third party equity and debt financings to support the acquisition.