Genstar Capital Portfolio Company North American Energy Partners Completes Secondary Offering
8/17/2007
Partnership With The Sterling Group Yields Total Return Of Nearly $89.6 Million To Genstar Or 5.5x Capital Invested
Contact: Chris Tofalli
914-834-4334
ctofalli@gencap.com
SAN FRANCISCO, August 7, 2007—Genstar Capital, LLC, a middle-market private equity firm that focuses on investments in selected segments of the life sciences and healthcare services, industrial technology, business services and software sectors, announced today that it has sold 4,598,482 shares of its portfolio company North American Energy Partners Inc. (NYSE: NOA) as part of the company’s completion of its secondary offering of 8,358,604 common shares at a public offering price of $17.00 per share.
Genstar originally partnered with Sterling in 2003 to complete its $16.3 million investment in North American Energy Partners and the company went public with the sale of 13,875,000 shares offered at $16.00 per share in November 2006. To date, Genstar Fund III has fully realized its investment in North American Energy and received $89.6 million in proceeds from the initial and secondary offerings. Also included in the secondary offering was the sale by Sterling’s Fund I of 1,725,000 of its shares.
This press release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sales of the shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
About North American Energy Partners
North American Energy Partners Inc. (www.naepi.ca) is one of the largest providers of mining and site preparation, piling and pipeline installation services in western Canada. For more than 50 years, NAEP has provided services to large oil, natural gas and resource companies, with a principal focus on the Canadian oil sands. The company maintains one of the largest independently owned equipment fleets in the region.
About Genstar Capital, LLC
Based in San Francisco, Genstar Capital, LLC (www.gencap.com) is a private equity investment firm that makes leveraged investments in quality middle-market companies. Genstar Capital works in partnership with management to transform its portfolio companies into industry-leading businesses. With more than $3 billion of committed capital under management and significant experience investing in businesses, Genstar focuses on selected segments of life science and healthcare services, industrial technology, business services and software services.
About The Sterling Group, L.P.
Founded in 1982, The Sterling Group (www.sterling-group.com) is a private equity investment firm that targets controlling interests in basic manufacturing, industrial services and distribution companies. Typical enterprise values of these companies range from $100 to $500 million. Sterling has sponsored the buyout of over 30 portfolio companies and numerous add-on acquisitions for a total transaction value of approximately $8 billion. Currently, Sterling has $600 million of committed capital under management through two funds, including Sterling Group Partners II, L.P. Current portfolio companies include Panolam Industries International, Inc., North American Energy Partners Inc. (NYSE: NOA), Propex Inc., CST Industries, Inc., Roofing Supply Group, LLC, BTEC Turbines LP, and Hudson Products.