NewWorld Capital Group on Monday, Aug. 15, announced that it has acquired Cleaire Advanced Emission Controls, a provider of particulate matter and nitrogen oxides abatement products for on-road and off-road heavy-duty diesel-powered vehicles. Terms were not announced.
Cleaire’s products are verified by the California Air Resources Board at Level 3, a Best Available Control Technology abatement standard. The company’s products are designed to reduce particulate matter emissions from in-use diesel engines by greater than 85.
Headquartered in San Leandro, Calif., with a manufacturing facility in San Diego, Cleaire provides diesel particulate filters in the United States and also sells its products in selected foreign countries. In light of rapidly growing demand for mobile-source diesel particulate filters, NewWorld says its investment will enable Cleaire to expand its sales and product support capability in domestic and international markets.
“We are delighted to have NewWorld Capital as the next owner of our company,” says Kevin Shanahan, Cleaire’s founder. “Cleaire is confronting a major opportunity as demand for reducing diesel particulate emissions surges in California and elsewhere around the U.S.”
Added Gale Plummer, Cleaire’s chief executive officer, “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.”
Bill Hallisey, a founding partner of NewWorld Capital, says his firm was deeply impressed with Cleaire’s diesel emissions reduction products. “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,” Hallisey says.
