{"id":645609,"date":"2013-03-07T04:51:46","date_gmt":"2013-03-07T09:51:46","guid":{"rendered":"http:\/\/www.pehub.com\/?p=189866"},"modified":"2013-03-07T04:51:46","modified_gmt":"2013-03-07T09:51:46","slug":"riverstone-to-acquire-utex","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/645609","title":{"rendered":"Riverstone to Acquire Utex"},"content":{"rendered":"

Riverstone Holdings<\/strong> is to acquire Utex<\/strong> from investment funds affiliated with Rh\u00f4ne Capital<\/strong>. Financial terms of the transaction were not disclosed.<\/p>\n

PRESS RELEASE<\/strong><\/p>\n

Riverstone Holdings LLC (\u201cRiverstone\u201d), a leading energy and power-focused private equity firm, and Utex Industries, Inc (\u201cUtex\u201d), based in Houston, Texas, announced today the signing of a definitive agreement pursuant to which Riverstone Global Energy and Power Fund V, L.P., in partnership with Utex management, have agreed to acquire Utex from investment funds affiliated with Rh\u00f4ne Capital L.L.C. (\u201cRh\u00f4ne\u201d). Financial terms of the transaction were not disclosed. The transaction is subject to certain regulatory approvals and is expected to close in April.<\/p>\n

Founded in 1940, Utex is a leading manufacturer of engineered sealing and other specialty products used in a variety of applications and equipment related to onshore and offshore oil and gas drilling and production, power, mining, water treatment, and other industrial sectors. Many of the company\u2019s products are used in severe operating environments, where high pressures and temperatures present particular challenges that require unique and customized solutions. A majority of the company\u2019s products are \u201cconsumables\u201d with short life-cycles requiring replacement at regular intervals to avoid failure in critical, capital-intensive applications. For more information, please visit www.utexind.com.<\/p>\n

Mike Balas, CEO of Utex commented, “The management team at Utex is excited to establish this new partnership with Riverstone. We have great respect for the management team of Riverstone who clearly understands Utex\u2019 end markets and long history of providing quality sealing and other engineered products for its customers\u2019 most critical applications. I\u2019d also like to thank the Rh\u00f4ne team for being great partners to Utex over the past few years, fully supporting our business plan and helping us select the perfect partner for the next phase of our growth and development as a company. We look forward to the next phase of Utex\u2019s development with Riverstone as our partner.\u201d Mr. Balas will continue as CEO of Utex following the closing of the transaction.<\/p>\n

John Lancaster, a Partner at Riverstone added, “This investment is consistent with Riverstone\u2019s prior investments in niche manufacturing companies that provide engineered consumable products for which demand is driven by the increasing challenges of deeper, higher-pressure, and more service-intensive oil and gas drilling and production operations. Mike and his talented team have amassed an impressive track record of success and we look forward to partnering with him and the company to build on that record.”<\/p>\n

About Riverstone Holdings LLC<\/p>\n

Riverstone is an energy and power-focused private equity firm founded in 2000 with approximately $24 billion of equity capital raised across seven investment funds, including the world\u2019s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $21.3 billion to 96 investments in North America, Latin America, Europe, Africa and Asia.<\/p>\n

About Rh\u00f4ne<\/p>\n

Rh\u00f4ne, established in 1996, is a global private equity firm with more than \u20ac3 billion under management and a focus on private equity investments in market leading businesses with a pan-European or transatlantic presence and expansion prospects. Rh\u00f4ne\u2019s investment philosophy includes the development of strong, strategic partnerships with the companies in which it invests. Rh\u00f4ne has offices in London and New York and currently holds investments in a diversified portfolio of companies including investments in the consumer, chemical & material, energy, industrial, and shipping industries.<\/p>\n

Contacts:<\/p>\n

For Riverstone Holdings LLC:
\nJeffrey Taufield – Kekst and Company
\n212-521-4800<\/p>\n

For Utex Industries, Inc.:
\nMike Balas
\nChief Executive Officer
\n281 352-3803<\/p>\n

The post Riverstone to Acquire Utex<\/a> appeared first on peHUB<\/a>.<\/p>\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

Riverstone Holdings is to acquire Utex from investment funds affiliated with Rh\u00f4ne Capital. Financial terms of the transaction were not disclosed. PRESS RELEASE Riverstone Holdings LLC (\u201cRiverstone\u201d), a leading energy and power-focused private equity firm, and Utex Industries, Inc (\u201cUtex\u201d), based in Houston, Texas, announced today the signing of a definitive agreement pursuant to which […]<\/p>\n","protected":false},"author":7476,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-645609","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/645609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7476"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=645609"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/645609\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=645609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=645609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=645609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}