American Securities and certain members of management will retain a minority equity interest in the company going forward. The transaction is expected to close prior to year-end 2018. Financial terms were not disclosed.
“We are very excited about having Blackstone as a partner as we enter Ulterra’s next phase of growth,” said John Clunan. “Blackstone’s in-depth knowledge of the energy markets, through their upstream and midstream companies, will provide valuable insight for Ulterra. We are also excited to have American Securities continue their involvement with the company. This new team will enable the next phase of aggressive growth for our people, our culture, and our partners,” said John Clunan. “As we enter this new phase of growth, we wish to thank Ulterra’s customers, suppliers, and dedicated employees for making our continued growth possible, both here in the U.S. and Canada, and in our international markets.”
Read the article online at: https://www.oilfieldtechnology.com/special-reports/26102018/ulterra-announces-blackstone-energy-partners-investment/