2008-07-24 23:31:07 -
- The Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings LLC ("Riverstone"), announced today an agreement to join with the management of Hudson Products Corporation ("Hudson" or the "Company") to purchase 100 percent of the outstanding stock in Hudson from The Sterling Group, L.P., a private equity firm based in Houston,
Texas. Riverstone intends to invest additional equity capital to support Hudson's growth plans, as well as other strategic initiatives going forward. Terms of the transaction were not disclosed.
Hudson is one of the world's leading providers of air-cooled heat exchangers and axial flow fans to refinery, petrochemical, natural gas, power and other industrial and commercial end markets. The Company has manufacturing operations in the United States, Canada, Europe, Mexico, China and the Middle East. Hudson has a presence in over 20 countries with over 630 employees worldwide.
Hudson Chief Executive Officer Chris Yunkun said, "We are extremely excited about partnering with Riverstone, given its industry expertise and significant capital resources. Riverstone's commitment to providing growth capital will ensure the Company's continued ability to expand globally and better serve its customers."
Baran Tekkora, Principal of Riverstone, added, "Riverstone has been impressed with Hudson's management team and the Company's commitment to producing high quality products. We look forward to continuing the Company's growth and maintaining its reputation as a leading provider of heat exchange solutions."
The transaction is subject to customary closing conditions, including antitrust clearance under the Hart-Scott-Rodino Act.
About Hudson Products Corporation
Since 1939, Hudson has designed and manufactured air-cooled heat exchanger equipment to serve the oil, gas and petrochemical processing industries. Through continuous innovation, Hudson became the pioneer in this field, developing internationally-recognized trademarks such as Fin-Fan(R) Air-Cooled Heat Exchangers, Hy-Fin(R) Extruded Finned Tubing, and Tuf-Lite(R) and Tuf-Lite II(R) FRP Axial Flow Fans for air coolers, cooling towers, condensers, chillers and HVAC applications. Hudson's premier products and reputation for supplying the highest quality, reliability and service in the industry has resulted in an installed base of over 35,000 air-cooled heat exchangers and 200,000 fans throughout the world.
About Riverstone Holdings LLC
Riverstone, an energy and power-focused private equity firm founded by Pierre F. Lapeyre and David M. Leuschen in 2000, has approximately $14.8 billion under management across six investment funds. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield service, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $8.5 billion to more than 50 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
For Riverstone Holdings:
Kekst and Company
Jeffrey Taufield / Michael Freitag, 212-521-4800
