WL Ross Completes Acquisition of Majority Stake in Navigator
NEW YORK, Oct. 17, 2012 /PRNewswire/ -- WL Ross & Co. announced today the completion of the purchase of 4.4 million common shares of Navigator Holdings Ltd. owned by Lehman Brothers Inc. (LBI) for approximately $110 million. This transaction was approved by Bankruptcy Judge James M. Peck of the Bankruptcy Court in the Southern District of New York overseeing LBI's liquidation in connection with LBI Trustee James W. Giddens' role in maximizing value for the shares for the benefit of customers and general creditors.
The purchase brings WL Ross' total stake in Navigator to over 50%. As part of the transaction, WL Ross agreed with Navigator to various limitations, including that a majority of the Navigator Board of Directors will continue to be independent directors.
Wilbur Ross, Jr., Chairman of WL Ross & Co., said, "This was a fair transaction for all parties. It also relieves the Company of the uncertainty about what would happen to the shares owned by Lehman, previously the largest single block of Navigator stock. We are fully supportive of management and look forward to helping them continue to build the Company for the benefit of all shareholders."
About WL Ross & Co.:
Founded by legendary investor Wilbur Ross, Jr., Wilbur 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 for a "Who's Who" of institutional investors who share a long-term investment horizon. Further information is available on www.wlross.com.
About Navigator Holdings Ltd.:
Navigator Holdings Ltd. provides international seaborne transportation services to producers, traders and consumers of liquefied petroleum gas ("LPG"), petrochemical gases and ammonia. The company is the leading participant in the handy-sized LPG sector, operating a versatile fleet of 14 high quality, semi-refrigerated gas carriers, representing approximately 16% of the fleet capacity in its chosen sector.
SOURCE WL Ross & Co.