WL Ross & Co. has completed the purchase of 4.4 million common shares of Navigator Holdings owned by Lehman Brothers for approximately $110 million. This transaction was approved by Bankruptcy Judge James Peck of the Bankruptcy Court in the Southern District of New York overseeing Lehman Brothers’ liquidation. The purchase brings WL Ross’ total stake in Navigator to over 50%.
“We see substantial opportunities in the global transportation industry, particularly rail and marine transport,” said Wilbur Ross, Jr., Chairman of WL Ross & Co. “Navigator is a leader in the handy-sized shipping segment, which has excellent fundamentals and a positive long-term outlook as global shifts in demand for liquefied petroleum gas and other petrochemicals increase opportunities for efficient, flexible marine transportation providers.”
Navigator Holdings provides international seaborne transportation services to producers, traders and consumers of liquefied petroleum gas (LPG), petrochemical gases and ammonia. The company is a leading participant in the handy-sized (up to 32,000 metric tons of deadweight) LPG ship sector, operating a fleet of 14 semi-refrigerated gas carriers, representing approximately 16% of the fleet capacity in its chosen sector. The company has offices in London and New York (www.navigatorgas.com).
WL Ross & Co. is an investment management company which has sponsored private equity funds, co-investment vehicles and hedge funds that have invested in the railcar, marine transportation, steel, textile, coal, automotive, financial and other industries in the U.S., Ireland, U.K., France, Germany, China, Japan, Korea, Vietnam, India, Brazil and Bermuda. WL Ross currently has approximately $10 billion under management. The firm is based in New York, NY (www.wlross.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-18-12