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LIGHTFOOT CAPITAL PARTNERS, LP TEAMS UP WITH GE TO OWN
LIQUEFIED NATURAL GAS ASSETS IN PASCAGOULA, MISSISSIPPI
New York, NY Oct. 24, 2011 –
Lightfoot Capital Partners, LP is pleased to announce that it has teamed up with
GE Energy Financial Services, a unit of GE (NYSE: GE), to make a strategic
investment in the liquefied natural gas market.
Lightfoot
Capital will make a direct investment and own a 48 percent interest in Arc LNG
Holdings LLC, which will own a 20 percent interest in Gulf LNG Energy’s
terminal in Pascagoula, Mississippi. GE Energy Financial Services, directly and
indirectly, controls its 50 percent stake in Gulf LNG while a subsidiary of El
Paso Corporation controls the other 50 percent and is the operator.
In a
related transaction, GE Energy Financial Services acquired a general
partnership interest and a 58 percent limited partnership interest in Lightfoot
Capital from certain of its existing investors. Lightfoot Capital is the
general partner and majority owner of Arc Terminals LP, a leading independent
operator of petroleum and refined product terminals. Arc Terminals operates
petroleum product terminals in eight states, with an aggregate storage capacity
of 3.6 million barrels.
“Our
partnership with GE and investment in Gulf
“Our
investment in Lightfoot Capital reflects our strategy of working with
experienced management in areas we know well and pursuing growth platforms in
critical US energy infrastructure,” said Dan Castagnola, a Managing Director at
GE Energy Financial Services in Houston.
About Lightfoot Capital Partners, LP
Lightfoot
Capital Partners, LP is the general partner and majority limited partner of Arc
Terminals LP. Lightfoot Capital forms partnerships with and provides growth
capital, extensive financial and industry relationships, and significant
M&A expertise to high-potential private companies. For more information,
please visit www.lightfootcapital.com.
About GE
Energy Financial Services
GE
Energy Financial Services’ experts invest globally across the capital spectrum
in essential, long-lived, and capital-intensive energy assets that meet the
world’s energy needs. In addition to capital, GE Energy Financial Services
offers the best of GE’s technical know-how, technology innovation, financial
strength, and rigorous risk management. Based in Stamford, Connecticut, the GE
business unit helps its customers and GE grow through new investments, strong
partnerships, and optimization of its approximately $20 billion in assets. For
more information, please visit http://www.geenergyfinancialservices.com.
About GE
GE
(NYSE: GE) is an advanced technology, services and finance company taking on
the world’s toughest challenges. Dedicated to innovation in energy, health,
transportation and infrastructure, GE operates in more than 100 countries and
employs about 300,000 people worldwide. For more information, visit the
company's Web site at www.ge.com.
Contact:
GE Energy Financial Services
Andy
Katell
203-961-5773
Lightfoot Capital Partners, LP
Michael Greenwood
212-993-1280