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Article: TPG Takes Majority of Valerus.(News)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- November 9, 2009
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Byline: Jonathan Marino
Valerus Compression Services, the Texas-based, privately-held provider of natural gas handling services, sold a majority stake in the company to TPG Capital for $500 million.
The cash will be used to provide capital for growth plans-no M&A was announced-and to refinance Valerus' existing debt; management, employees and third party investors will remain engaged with a smaller, undisclosed stake.
Calls seeking comment were not answered by press time.
At Valerus, Chet Erwin will remain on as chief executive and Dan Smith, formerly chairman, president and CEO of Lyondell Chemical, will become chairman when the TPG ...