Kinder Morgan Inc. (NYSE: KMI) has closed the purchase of Indianapolis-based Kinetrex Energy from private equity firm Parallel49 Equity for $310 million. Parallel49’s Fund V acquired Kinetrex in December 2016.

Kinetrex is a provider of liquefied natural gas in the Midwest that produes and supplies renewable natural gas under long-term contracts to transportation service providers.

“This successful investment is a tribute to a strong partnership with an exceptionally talented and expert management team,” said Jack Westerman, managing director at Parallel49. “Kinetrex has found an incredible owner in Kinder Morgan and is well positioned to accelerate its strategy of becoming a leading platform in renewable energy.”

“Our collaboration with Kinetrex generated a tremendous outcome for our investors,” said Jonathan Dries, managing director at Parallel49. “The transaction represents the largest multiple of invested capital on a single investment in our firm’s 25-year history. We could not be more pleased with this incredible result.”