WL Ross Agrees To Acquire Majority Stake In Navigator

Aug 10, 2012, 11:53 ET from WL Ross & Co.

NEW YORK, Aug. 10, 2012 /PRNewswire/ -- WL Ross & Co. announced today that it had agreed to purchase 4.4 million common shares of Navigator Holdings Ltd. owned by Lehman Brothers Inc. (LBI) for $110 millionJames W. Giddens, Trustee for the Securities Investor Protection Act liquidation of LBI, today submitted a motion to the United States Bankruptcy Court of the Southern District of New York for approval of the Purchase Agreement, subject to conditions.

WL Ross had previously acquired 3.5 million Navigator shares.  If approved by the Court, the new agreement will bring its total stake in Navigator to over 50%.  As part of the transaction, WL Ross agreed with Navigator that a majority of the Navigator Board of Directors will continue to be independent directors, and certain additional transactions relating to Navigator that may be proposed by WL Ross will require their approval. 

"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 liquified petroleum gas and other petrochemicals increase opportunities for efficient, flexible marine transportation providers," Ross said.

About WL Ross & Co.: 

Founded by legendary investor Wilbur Ross, Jr., 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 for a "Who's Who" of institutional investors who share a long-term investment horizon.  Further information Is available at www.wlross.com.

About Navigator Holdings Ltd.:

Navigator Holdings Ltd. provides international seaborne transportation services to producers, traders and consumers of liquified 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.