Streamline Innovations, Inc. (“Streamline”), a leader in environmentally advanced gas and water treating solutions for contaminants such as hydrogen sulfide (“H₂S”), today announced the successful completion of a recapitalization transaction designed to position the company for accelerated growth and new strategic opportunities in the energy sector and other industrial markets.

The transaction includes a significant equity investment from Eldon Pass, with a strategic investment from Select Milk Producers and its affiliates. Select Milk is one of the largest and most innovative dairy cooperatives in the United States. Additionally, Proterra Investment Partners LP arranged and led a comprehensive unitranche loan to help facilitate the transaction. These combined proceeds will be used as strategic capital to position Streamline for continued growth in the energy market, as well as expansion into additional industrial markets and geographic regions. Proceeds were also used to redeem the majority of existing equity holders at attractive returns for them, and to simplify the Company’s ownership structure.

“This recapitalization is a defining moment for Streamline, but truly just the end of the beginning,” said Dave Sisk, Co-Founder and CEO of Streamline Innovations. “We are so thankful for the unwavering support of our former investors who stood with us and helped the company grow from an idea to the enterprise we are today. We could not have achieved our success thus far without the help of Pearl Energy Investments, Energy Innovation Capital, Kayne Anderson Energy Infrastructure Fund, Riverstone Credit Partners, Breakwall Capital and numerous private investors. Now, with the support of our new stakeholders, we are poised for continued growth, which we will pursue in various ways including the development of new products and technologies to help customers both economically and environmentally. While the Company will continue to operate as an independent entity, we couldn’t be more excited to partner with Select Milk. Select Milk believes in our people, technology, and processes, and their entrepreneurial spirit and history of creating enormous value for stakeholders will undoubtedly benefit everyone going forward. In addition to growing our existing energy business and serving our great customers in the energy space, we see additional opportunities that exist through the Select Milk relationship.”

Eldon Pass, which structured and led the equity investment, expressed confidence in Streamline’s trajectory:

“Streamline is entering a new phase of growth,” said Matt Harrison, Partner, Eldon Pass. “This capital structure gives the Company the resources and flexibility to accelerate expansion and pursue transformative opportunities, and we are excited to work shoulder-to-shoulder with them to make that happen.”

Select Milk Producers, the lead equity participant, emphasized the importance of sustainability-focused innovation:

“A core part of our strategy is being great stewards of our land, the environment and our animals while keeping American industry clean, driving sustainable solutions and setting a higher standard. We are also committed to being an industry leader and creating value for our stakeholders. Streamline takes this same approach, and we are excited about our future together,” said Shay Braun, President, Select Milk Producers.

Lazard served as the exclusive financial advisor to Streamline Innovations, and Vinson & Elkins LLP acted as legal counsel for the transaction.

About Streamline Innovations

Streamline Innovations’ vision is Reducing Emissions Through Technology. Streamline is a privately held company that applies technology and innovative solutions in an environmentally forward manner to address poisonous emissions from various industrial processes. The Company uses its patented chemistry and processing units (TALON^® and VALKYRIE^®) to eliminate toxic and corrosive hydrogen sulfide (“H₂S”) emissions from oil and gas, renewable natural gas, carbon dioxide, municipal and industrial wastewater and other industrial processes.

About Eldon Pass

Eldon Pass is a family of mature operating companies, real estate, and new ventures that aspire to do good in the world.​ ​Eldon Pass uses relationships to mobilize leadership, technology, and financial resources to invest in, build up, and operate businesses. The firm has a long-term orientation towards building and sustaining mutually beneficial relationships with business partners, employees, and communities where it operates.​

About Lazard

Founded in 1848, Lazard is one of the world's preeminent financial advisory and asset management firms, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. For more information, please visit www.lazard.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Streamline’s growth strategies, market opportunities, and anticipated performance. These statements are based on current expectations and assumptions that involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “expect,” “plan,” “intend,” “may,” “will,” and similar expressions. Streamline undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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“This recapitalization is a defining moment for Streamline, but truly just the end of the beginning,” said Dave Sisk, Co-Founder and CEO of Streamline Innovations.