Valley National Gases Inc has announced the completion of a $304 m merger with an investment vehicle of Caxton-Iseman Capital, a New York based private investment firm.
Valley National shareholders approved the transaction February 27th, receiving $27 in cash for each of their shares. The company will now be de-listed from the stock exchange and continue as a private company, with headquarters remaining in Washington.
The new joint owners have big plans for the business saying, $quot;We are pleased to complete the acquisition of Valley National and begin the process of further developing its outstanding industrial gas and propane distribution platforms.$quot; They further believe that Valley National has $quot;significant$quot; organic and acquisition growth opportunities, and feel $quot;excited to collaborate with the company's management team$quot; to achieve their shared objectives.
The existing directors are also energized by the prospect of entering the realm of private ownership. William A. Indelicato, Chief Executive Officer of Valley National, is hopeful of the new ventures potential saying, $quot;As a private company under Caxton-Iseman's ownership, Valley National is better positioned to create value. We look forward to working with our new partners to pursue a wide range of attractive growth opportunities in our existing markets, as well as in new ones.$quot;