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Chart Industries, a global manufacturer of engineering equipment, paid $20 million for BlueInGreen LLC, a Fayetteville water-treatment company.
Chart, located in Ball Ground, about 50 miles north of Atlanta, will also pay up to $6 million in earnouts. The two companies had previously partnered on projects, using Chart’s equipment and BlueInGreen’s technology; BlueInGreen said it has done more than 100 installations in the U.S. and Canada that treat 1 billion gallons of water daily.
BlueInGreen was founded in 2004 by University of Arkansas professors Marty Matlock and Scott Osborn and uses water treatments that are safer and more efficient. BlueInGreen’s management, led by CEO Chris Milligan, will remain to run the company under Chart.
“In addition to this being a natural fit for us, we gain an experienced management team full of engineering and industry experts who are committed to staying with the business,” Chart CEO Jill Evanko said. “[Milligan] will run the combined water treatment business and work closely with our global commercial and engineering teams as we further penetrate water treatment projects in both domestic and international markets. This is yet another step in our ability to leverage the unique opportunity that Chart has with hydrogen, LNG, and water working together to address sustainability, power and water needs.”
Milligan said he was excited to have his company join Chart.
“This partnership pairs BlueInGreen’s expertise with Chart’s global footprint, allowing for enhanced integration, increased response time and a more robust service fleet as we collectively bridge the gap between industrial gas and water markets,” Milligan said. “While we are far from our startup days, our services, our technology, our team and our mission at BlueInGreen have not changed. We will always be BIG. But with Chart’s wealth of knowledge, relationships and resources, BIG just got a lot bigger.”