New Owners to Partner with Management in Company’s Next Stage of Development
NEW YORK & STAMFORD, Conn. - Thursday, October 4th 2012 [ME NewsWire]
(BUSINESS
WIRE)-- Louis Dreyfus Highbridge Energy, LLC (“LDH Energy”) today
announced that DF Energy Acquisition LLC, a private investment vehicle
owned by Glenn Dubin, and an independent investor group, including
investment vehicles established by family trusts created by Paul Tudor
Jones and Timothy Barakett, and Continental Grain Company / Paul
Fribourg, have agreed to purchase substantially all of the company’s
outstanding equity. Upon completion of the transaction, LDH Energy will
be rebranded Castleton Commodities International, LLC.
The new owners of LDH Energy will have non-operating roles with the company.
Commenting
on the announcement, William C. Reed II, LDH Energy’s Chairman and
Chief Executive Officer, said, “We are excited to enter a new chapter of
LDH Energy’s growth and future development and appreciate the support
and enthusiasm of our new investors. Glenn and the rest of the investor
group members represent some of the finest minds in global finance and
industry. We believe that with their fresh perspective and vision for
the company, the prospects for growth at LDH Energy are tremendous as it
continues to expand its merchant footprint and grow its asset
portfolio.”
“We have enjoyed our productive and successful joint
venture with Highbridge and their experienced team,” said Serge Schoen,
CEO of the Louis Dreyfus Commodities Group. “As we focus our efforts on
our core business as a global leader across major commodities, we look
forward to maintaining our relationship with LDH Energy as a minority
investor.”
“Over the last five years, I have had the privilege of
being part of LDH Energy’s Board, and I have experienced the evolution
of the company and the strength of its management team first-hand,” said
Glenn Dubin. “LDH Energy has developed a strong operating platform that
today supports a diversified energy business that is extremely well
positioned for future growth. I am grateful to Serge and everyone at the
Louis Dreyfus Group for all of their support over the years.”
Once
the transaction closes, Castleton Commodities will continue to operate
with the current LDH Energy management team, but with a new board of
directors including Dubin and other investor group designees.
Completion
of the transaction is expected to occur by the end of the year and is
subject to customary closing conditions. Terms of the transaction were
not disclosed.
DF Energy Acquisition LLC was advised by Davis
Polk & Wardwell LLP as legal adviser and Bank of America Merrill
Lynch as financial adviser. The investor group was advised by Sullivan
& Cromwell LLP as legal adviser. Willkie Farr & Gallagher LLP
was legal adviser to Highbridge Capital Management’s multi-strategy
fund. Cohen & Gresser was legal adviser to LDH Energy’s management
team.
About Louis Dreyfus Highbridge Energy, LLC
LDH
Energy is a joint venture formed by the Louis Dreyfus Group, a global
leader in agricultural commodities, and Highbridge Capital Management’s
multi-strategy fund in December 2006. Headquartered in Stamford,
Connecticut, LDH Energy is a leading diversified merchant energy company
with an integrated set of operations, including the marketing and
merchandising of energy commodities and development of physical energy
assets. The Company markets a broad range of physical commodities,
including natural gas, natural gas liquids, refined products, crude oil,
electric power and coal and financial instruments related to energy
commodities. LDH Energy is headquartered in Stamford, Connecticut, with
offices in Houston, Texas; Calgary, Canada; Lausanne, Switzerland;
Shanghai, China; Singapore; and Uruguay.
About DF Energy Acquisition LLC
DF
Energy Acquisition LLC is the private investment vehicle owned by Glenn
Dubin. Glenn Dubin is the co-Founder and Chairman of Highbridge Capital
Management, an alternative asset management organization founded in
1992.
About the Investor Group
The private investor group
includes an experienced group of strategic and financial investors and
is comprised of investment vehicles established by family trusts created
by Paul Tudor Jones and Timothy Barakett, and Continental Grain Company
/ Paul Fribourg.
Contacts
RLM Finsbury
David Millar, +1-646-805-2009
Dave.Millar@RLMFinsbury.com
No comments:
Post a Comment