Home > Blog > MARCH 11, 2011--INDUSTRIAL ENERGY APPLICATIONS, INC. ACQUISITION

MARCH 11, 2011–INDUSTRIAL ENERGY APPLICATIONS, INC. ACQUISITION

On March 11, 2011, Alliant Energy Resources LLC sold its wholly owned subsidiary Industrial Energy Applications, Inc. via a leveraged buyout (LBO) of current and former management members. The terms of the transaction other than it being a stock sale were not disclosed.

At the time of sale Rand J. Portz, Bryan P. McGlothlin and McGlothlin Consulting Inc. will own 50%, 27.5% and 22.5% of the outstanding common stock of the Company respectively. Mr. Portz will act as the Company’s president and Mr. McGlothlin will act as its Vice President.