Corporate Social Responsibility | Business Wire | PR NewsWire | Marketwire | Realwire | ACN/JCN newswire | 247pressrelease | PRWeb

TPG Capital to Purchase Majority Stake in Valerus Compression Services

Posted : Mon, 02 Nov 2009 19:00:50 GMT
Author : TPG Capital
Category : Press Release
News Alerts by Email ( click here )
News | Home
HOUSTON & FORT WORTH, Texas - (Business Wire) Valerus Compression Services (“Valerus”) and TPG Capital (“TPG”) jointly announced today that investment funds managed by TPG will purchase a majority stake in Houston-based Valerus. Valerus is a privately held provider of natural gas handling services, including natural gas compression, processing, and treating. TPG will invest $500 million in the company’s debt and equity. Proceeds from the transaction will be used to provide capital for the company’s growth plans and to refinance the company’s existing debt. Management, employees, and other current investors will retain the remaining ownership. Terms of the deal were not disclosed.

Chet Erwin will continue in his capacity as Chief Executive Officer. Dan F. Smith will become Chairman at the time of the TPG investment. Mr. Smith served as Chairman, President and CEO of Lyondell Chemical Company until its acquisition by Basell in 2007, and he is currently the Chairman of the Board of Kraton Polymers. The transaction is expected to close by December 31, 2009.

“TPG’s involvement is a critical step in the evolution of the company. This partnership will support our domestic growth trajectory and help us take advantage of significant international opportunities,” Mr. Erwin said.

Michael MacDougall, a partner at TPG, said, “We firmly believe that Valerus is poised to benefit from the continued development of America’s natural gas resources and the growth in gas production from the country’s prolific shale plays. Valerus is also uniquely positioned to help its customers capitalize upon increased natural gas production internationally. We look forward to partnering with the management team to help it pursue the company’s next phase of growth.”

J.P. Morgan and Tudor, Pickering, Holt & Co. Securities, Inc. were financial advisors to TPG. Vinson & Elkins LLP served as legal counsel to TPG. Valerus was represented by Barclays Capital and King & Spalding LLP.

About Valerus

Valerus is a worldwide provider of natural gas handling equipment and services, including natural gas compression, processing, and treating. Valerus executives have an average of 20 years of industry experience. The company is based in Houston, Texas. Please visit www.valerus-co.com

About TPG Capital

TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992 with approximately $45 billion of assets under management and offices in San Francisco, London, Hong Kong, New York, Fort Worth, Washington, D.C., Melbourne, Moscow, Mumbai, Paris, Luxembourg, Beijing, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. Please visit www.tpg.com.

For Valerus:
Valerus Compression Services
Suzanne Ogle, 713-744-6108
Vice President Marketing and Investor Relations
sogle@Valerus-Co.com
OR
For TPG Capital:
Owen Blicksilver Public Relations
Caroline Luz, 203-656-2829
caroline@blicksilverpr.com


Copyright © 2008 Business Wire. All rights reserved.
Share/Save/Bookmark

Article : TPG Capital to Purchase Majority Stake in Valerus Compression Services
Print this article
Share this article

Stay Updated

News gadget on your Google homepage
Subscribe to a news feed in Google Reader



Related News

Delhaize Group Announces Investor Day - Athens, Greece - December 3, 2009
BRUSSELS, BELGIUM -- 11/26/09 -- FOR IMMEDIATE RELEASE BRUSSELS, Belgium, November 26, 2009 - Delhaize Group (Euronext Brussels:DELB) (NYSE: DEG), the Belgian international food retailer, confirms the date of its in..

Survey Finds Slight Improvement in Corporate Governance Among Hong Kong-Listed Companies
Hong Kong, Nov 26, 2009 - (ACN Newswire) - A survey on the corporate governance standards of companies listed in Hong Kong conducted by The Hong Kong Institute of Directors ("HKIoD") and Hong Kong Baptist University ("HKBU") found a slight improvement in the quality of corporate ...

Shaw Festival Film Series Line-up at Festival Theatre Announced
Film fests Niagara-on-the-Lake events feature festival favourites and revealing docs at the Shaw Festival throughout December and January./I/P PNiagara-on-the-Lake, Ontario (PRWEB) November 26, 2009 -- Continuing its partnership with The Film Circuit, a branch of the Toronto Internation...

Consumers Using Recession Shopping Habits to Survive Christmas
LEEDS, England, November 26 /PRNewswire/ -- In the run up to the festive season, shoppers wanting to avoid spending heavily at Christmas are using the shopping habits they have learnt from the recession, for example, turning to voucher codes sites such as...

Deltek Concludes Second Annual EMEA Customer Conference
New customer win announcements and customer case studies highlight the event/I/P PLondon, UK (Vocus) November 26, 2009 -- a href= http://www.deltek.com onclick= linkClick( this.href ); target= _blank title= Deltek, Inc. Deltek, Inc./a (Nasdaq: PROJ), the leading provider of ent...

Research and Markets: In The First 8 Months of 2009, the Output of Solid Waste Disposal Equipment Reached 3102, Up 2.15%
DUBLIN - Research and Markets (

Swedish EcoEnergy Scandinavia AB Signs MOU with Chinese Changzhou Xinbei Government and Jiangsu Guoyu Electric Co to Build a Waste-to-Energy Facility
STOCKHOLM - Today at the Swedish Department of Foreign Affairs, Swedish EcoEnergy has signed a memorandum of understanding with Changzhou Xinbei District Government and Jiangsu Guoyu Electric Co Ltd. regarding building local waste-to-energy facilities in the Changzhou Xinbei district. This i

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark
 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.