All-cash equity transaction positions CB&I
for long-term growth
THE
WOODLANDS, Texas, Dec. 9, 2024
/PRNewswire/ -- CB&I, the world's foremost designer and builder
of storage facilities, tanks and terminals for energy and
industrial markets, today announced the completion of its
acquisition by a consortium of financial investors led by Mason
Capital Management LLC ("Mason") in partnership with IES
Holdings, Inc. (Nasdaq: IESC), Nut Tree Capital Management, LP, 683
Capital Management, LLC, First Pacific Advisors, and other
investors. The closing of this transaction positions CB&I,
formerly a wholly owned unrestricted subsidiary of McDermott
International, Ltd, as a strong, independent company with no funded
debt.
Mark Butts, CEO of CB&I,
said, "We are thrilled to partner with Mason and the consortium as
we embark on an exciting new chapter as a standalone company.
Together with our new partners, we will build upon CB&I's rich
135+ year heritage, continuing to collaborate with our valued
customers and suppliers to deliver innovative solutions that
address the evolving infrastructure needs of energy and industrial
markets. With the closing of this transaction, we are on solid
financial footing, which positions us to capitalize on strong
end-market demand and to advance our strategic goals."
Mike Martino, Managing Member and
Principal of Mason, said, "Our mission is to empower CB&I to
achieve its strategic goals, capitalize on new market
opportunities, and leverage significant growth potential in the
dynamic energy storage solutions sector. CB&I has built a
legacy of innovation while setting industry standards in safety,
reliability, and performance. We look forward to partnering with
CB&I to help drive their vision forward."
About CB&I
CB&I is the world's leading designer and builder of storage
facilities, tanks, and terminals. With more than 60,000 structures
completed throughout its 135+ year history, CB&I has the global
expertise and strategically located operations to provide its
customers world-class storage solutions for even the most complex
energy infrastructure projects. CB&I is owned by a consortium
of financial investors led by Mason Capital Management. To learn
more, visit www.cbi.com.
About Mason Capital Management LLC
Mason Capital Management LLC is an absolute return focused
investment firm that combines deep fundamental analysis with hard
catalysts to drive value creation. Founded in July 2000 by Ken
Garschina and Mike Martino,
Mason's strategies range from event-driven investing to corporate
carve-outs and control acquisitions.
About McDermott
McDermott is a premier, fully
integrated provider of engineering and construction solutions to
the energy industry. Our customers trust our technology-driven
approach engineered to responsibly harness and transform global
energy resources into the products the world needs. From concept to
decommissioning, McDermott's innovative expertise and capabilities
advance the next generation of global energy
infrastructure—empowering a brighter, more sustainable future for
us all. Operating in over 54 countries, McDermott's locally-focused
and globally-integrated resources include more than 30,000
employees, a diversified fleet of specialty marine construction
vessels and fabrication facilities around the world. To learn more,
visit www.mcdermott.com.
Contacts:
For CB&I:
Nancy Turner
Director, Global Marketing and Communications
nancy.turner@cbi.com
For Mason:
Jonathan Gasthalter/Sam
Fisher
Gasthalter & Co.
+1 212 257 4170
jg@gasthalter.com
sf@gasthalter.com
For McDermott:
Reba
Reid
Senior Director, Global Communications and Marketing
rreid@McDermott.com
Forward-Looking Statements
CB&I cautions that statements in this communication that are
forward-looking, and provide other than historical information,
involve risks, contingencies, and uncertainties. These
forward-looking statements include, among other things, statements
that describe our business strategy, outlook, objectives, plans,
intentions, or goals. Although we believe that the expectations
reflected in those forward-looking statements are reasonable, we
can give no assurance that those expectations will prove to have
been correct. Those statements are based on various underlying
assumptions and are subject to numerous risks, contingencies, and
uncertainties, many of which are beyond our control, including,
among others: adverse changes in the markets in which we operate or
in credit or capital markets; our inability to successfully execute
on contracts in backlog; changes in project design or schedules;
the availability of qualified personnel; changes in the terms,
scope, or timing of contracts, contract cancellations, change
orders, and other modifications or actions by our customers and
other business counterparties; changes in industry norms or codes
or applicable laws; actions by lenders, other creditors, customers,
and other business counterparties of CB&I; and adverse outcomes
in legal or other dispute resolution proceedings. If one or more of
these risks materializes, or if underlying assumptions prove
incorrect, actual results may vary materially from those expected.
You should not place undue reliance on forward-looking statements.
This communication reflects the views of CB&I's management as
of the date hereof. Except to the extent required by applicable
law, CB&I undertakes no obligation to update or revise any
forward-looking statement.
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SOURCE McDermott International, Ltd