Allied Resource weighs IPO: Deal
Allied Resource Corp., the Wayne energy-services company headed by multinational metals and energy investor Heinz Schimmelbusch, raised $53 million in new private equity investment from PCG Capital Partners LLC, La Jolla, Cal
Allied Resource Corp., the Wayne energy-services company headed by multinational metals and energy investor Heinz Schimmelbusch, raised $53 million in new private equity investment from PCG Capital Partners LLC, La Jolla, Calif.
The investment is "one of the last steps" before Allied files for an initial public offering, said The Daily Deal, an industry newspaper. Allied said there's no IPO timetable. Top of story here; full text for Deal subscribers only.
Allied operations include the proposed South Heart coal-to-gas plant in North Dakota, in partnership with Great Northern Power Development LP; a waste-oil treatment plant in Germany; antipollution materials production in China; and sludge and residue incineration.
Schimmelbusch was once CEO of Germany's Metallgesellschaft AG, and a frequent investing partner of former Safeguard Scientifics CEO Warren "Pete" Musser. He's chairman and CEO of Toronto-based Timminco Ltd., a battery-metals supplier that's been one of the most active Canadian stocks recently; and chairman of Avanced Metallurgical Group, a widely-held Dutch investment firm that is Timminco's major owner.