Delphi Midstream Partners Completes Sale of Laser Northeast to Williams Partners
(firmenpresse) - CLARKS SUMMIT, PA -- (Marketwire) -- 02/21/12 -- Delphi Midstream Partners LLC ("Delphi") announced today that it has completed the sale of Laser Northeast Gathering Company, LLC ("Laser"), its natural gas gathering business located in Pennsylvania and New York, and other gathering assets in Texas to Williams Partners LP. The purchase price included $329 million in cash and approximately 7.5 million Williams Partners' units. Delphi Midstream Partners is owned by American Securities LLC and management.
Matthew F. LeBaron, a managing director of American Securities, commented, "We are pleased to have completed the sale of Laser and Delphi's Texas assets to Williams Partners. We believe Williams Partners will be a great steward for Laser's business and its employees moving forward. American Securities, Tom Karam, CEO of Delphi Midstream Partners, and Laser's management team worked hard to build a world-class midstream company that will now benefit from the strength of Williams Partners' leadership."
Thomas F. Karam, founder and CEO of Delphi Midstream Partners, said, "Williams Partners is a terrific long-term home for Laser. As a result of the completion of this sale, we are confident that by integrating Williams Partners' expertise and Laser's local industry experience and knowledge, the combined company will have excellent opportunities for growth."
Laser is a high pressure gathering system currently comprised of 33 miles of 16-inch natural gas pipeline and associated gathering facilities in Susquehanna County, PA and Broome County, NY. The acquisition is supported by existing long-term gathering agreements that provide acreage dedications and volume commitments. When all phases are complete, the system will comprise over 75 miles of pipeline and total system capacity of 1.3 bcf/d.
Laser Northeast Gathering Company, LLC (Laser), a subsidiary of Delphi Midstream Partners, develops, constructs and operates natural gas pipelines in the Marcellus Shale. Headquartered in Clarks Summit, Pennsylvania, Laser's management team has over 150 years of pipeline operating experience in Northeastern Pennsylvania. For more information about Laser, please visit .
Delphi Midstream Partners was founded by Thomas F. Karam and Michael J. Walsh with a capital commitment from American Securities. For more information about Delphi Midstream Partners, please visit our website at .
American Securities is a leading U.S. middle-market private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. Headquartered in New York with an office in Shanghai, American Securities has approximately $9 billion under management and is currently investing from its sixth fund. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of the Sears, Roebuck & Co. fortune. More information about American Securities can be found at .
Anne Board
American Securities
(212) 476-4967
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Datum: 21.02.2012 - 21:18 Uhr
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News-ID 117000
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Oil & Gas
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