BW Group Buys 39.1% Stake in Navigator Holdings
Private equity firm WL Ross & Co. said it has agreed to sell its approximately 39.1% equity interest in ship owner-operator Navigator Holdings to maritime and offshore company BW Group at a price of $9 per share.
"Navigator Holdings has been an industry leader since we made the initial investment. We think the company's future is bright, and this long-term investment from BW Group will position the company to realize its potential," said Hal Malone, Head of Transportation of WL Ross.
Andreas Sohmen-Pao, Chairman of BW Group, said "BW is excited to be taking an ownership position in Navigator Holdings, a leading company in its sector, and we look forward to being a supportive shareholder as Navigator continues to pursue its strategic goals."
Navigator Holdings is the owner and operator of the world's largest fleet of handysize liquefied gas carriers. Its fleet consists of 38 semi- or fully-refrigerated liquefied gas carriers, 14 of which are ethylene and ethane capable.
David Butters, Chairman of Navigator Holdings, said, "We would like to thank WL Ross for its many years of investment and support of the company and we are pleased and very much look forward to the new support of BW Group as we focus on executing our strategy to drive meaningful long-term growth."