COLUMBIA, Md., Nov. 1, 2024
/PRNewswire/ -- GSE Solutions ("GSE Systems, Inc." or "GSE"),
a leader in advanced engineering solutions that supports the future
of clean-energy production and decarbonization initiatives of the
power industry, and Pelican Energy Partners ("Pelican"), a highly
specialized private equity firm led by experienced energy service
professionals focused on energy services businesses and
manufacturing companies, announced today the closing of the merger
involving GSE and an affiliate of Pelican. The merger was
overwhelmingly approved by GSE shareholders at a special
shareholder meeting held on October 29,
2024. Trading of GSE common stock was suspended following
afterhours trading at 8 pm ET on
October 31, 2024. GSE expects that
Broadridge Corporate Issuer Solutions, LLC, in its capacity as
paying agent, will promptly distribute the merger consideration,
with respect to stockholders holding shares in book entry format
including beneficial owners, or letters of transmittal.
Kathryn Gardner O'Connor, Chair
of the Board of Directors of GSE, provided "We are glad to have
delivered maximum value to GSE stockholders and, at the same time,
leave the Company in good hands with Pelican Energy Partners who
understands the long-term prospects for the nuclear power
industry."
Sam Veselka, a Managing Director
of Pelican, stated "Pelican is excited to partner with GSE's
skilled engineers and management team to continue GSE 's comeback
story. GSE has been a longtime leader in the nuclear service
industry and we look forward to building on past and future
successes."
Ravi Khanna, Chief Executive
Officer and President, said, "We are excited for the next phase of
GSE Solutions and excited for the opportunity to partner with an
emerging industry leader in Pelican Energy Partners. Our management
team and our employees are ecstatic for what lies ahead."
Robert W. Baird & Co. Incorporated served as exclusive
financial advisor to GSE and Miles & Stockbridge P.C., Potter
Anderson & Corroon LLP and Cole Schotz
P.C. served as legal advisors to GSE in connection with the
transaction. Ankura Capital Advisors provide a fairness opinion to
the GSE Board of Directors with respect to the merger
transaction.
Locke Lord LLP served as legal advisor to Pelican Energy
Partners.
ABOUT GSE SOLUTIONS
Proven by more than 50 years of experience in the nuclear power
industry, GSE knows what it takes to help customers deliver
carbon-free electricity safely and reliably. Today, GSE Solutions
leverages top talent, expertise, and technology to help energy
facilities achieve next-level power plant performance. GSE's
advanced Engineering offer highly specialized training, engineering
design, program compliance, and simulation to that reduce risk and
optimize plant operations. With more than 1,100 installations and
hundreds of customers in over 50 countries, GSE delivers
operational excellence. www.gses.com
ABOUT PELICAN ENERGY PARTNERS
Pelican Energy Partners is a Houston-based private equity firm specializing
in strategic investments in small to middle-market, high-growth
potential energy service and equipment companies. The firm makes
investments in energy equipment and service companies in the oil
and gas and nuclear sectors.
Media Contact
Sunny
DeMattio
GSE Solutions
Director of Marketing & Communications
sunny.demattio@gses.com
Direct: +1 410.970.7931
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SOURCE GSE Systems, Inc.