Mason Capital Management-Led Consortium Completes Acquisition of CB&I
CB&I, a leading designer and builder of storage facilities for energy markets, announced the completion of its acquisition by a consortium led by Mason Capital Management in partnership with IES Holdings (NASDAQ: IESC) and other investors. The all-cash equity transaction positions CB&I, formerly a subsidiary of McDermott International, as an independent company with no funded debt.
The deal aims to strengthen CB&I's market position, leveraging its 135+ year heritage in delivering innovative solutions for energy and industrial infrastructure. The company plans to capitalize on strong end-market demand and advance its strategic goals under the new ownership structure.
CB&I, un leader nella progettazione e costruzione di impianti di stoccaggio per i mercati energetici, ha annunciato il completamento dell'acquisizione da parte di un consorzio guidato da Mason Capital Management in partnership con IES Holdings (NASDAQ: IESC) e altri investitori. La transazione azionaria completamente in contante consente a CB&I, ex filiale di McDermott International, di posizionarsi come un'azienda indipendente senza debiti finanziati.
L'accordo mira a rafforzare la posizione di mercato di CB&I, sfruttando la sua eredità di oltre 135 anni nella fornitura di soluzioni innovative per le infrastrutture energetiche e industriali. L'azienda prevede di capitalizzare la forte domanda del mercato finale e avanzare i suoi obiettivi strategici sotto la nuova struttura di proprietà.
CB&I, un líder en el diseño y construcción de instalaciones de almacenamiento para los mercados de energía, anunció la finalización de su adquisición por un consorcio liderado por Mason Capital Management en asociación con IES Holdings (NASDAQ: IESC) y otros inversionistas. La transacción de capital completamente en efectivo posiciona a CB&I, anteriormente una subsidiaria de McDermott International, como una empresa independiente sin deuda financiada.
El acuerdo tiene como objetivo fortalecer la posición de mercado de CB&I, aprovechando su herencia de más de 135 años en la entrega de soluciones innovadoras para la infraestructura energética e industrial. La empresa planea capitalizar la fuerte demanda del mercado final y avanzar en sus objetivos estratégicos bajo la nueva estructura de propiedad.
CB&I는 에너지 시장을 위한 저장 시설의 설계 및 건설을 선도하는 기업으로, Mason Capital Management가 이끄는 컨소시엄과 IES Holdings (NASDAQ: IESC) 및 다른 투자자들과의 파트너십에 의해 인수 완료를 발표했습니다. 전액 현금 거래는 CB&I가 이전의 McDermott International의 자회사에서 독립 기업으로 자리잡고, 부채 없이 운영될 수 있도록 합니다.
이번 거래는 CB&I의 시장 위치를 강화하고, 135년 이상의 혁신적인 에너지 및 산업 인프라 솔루션 제공에 대한 유산을 활용하는 것을 목표로 합니다. 회사는 강한 최종 시장 수요를 활용하고 새로운 소유 구조 하에서 전략적 목표를 발전시킬 계획입니다.
CB&I, un leader dans la conception et la construction d'installations de stockage pour les marchés de l'énergie, a annoncé l'achèvement de son acquisition par un consortium dirigé par Mason Capital Management en partenariat avec IES Holdings (NASDAQ: IESC) et d'autres investisseurs. La transaction entièrement en espèces positionne CB&I, anciennement une filiale de McDermott International, en tant qu'entreprise indépendante sans dette financée.
L'accord vise à renforcer la position de marché de CB&I, en tirant parti de son héritage de plus de 135 ans dans la fourniture de solutions innovantes pour les infrastructures énergétiques et industrielles. L'entreprise prévoit de capitaliser sur la forte demande du marché final et d'avancer ses objectifs stratégiques dans le cadre de la nouvelle structure de propriété.
CB&I, ein führendes Unternehmen in der Planung und dem Bau von Lageranlagen für Energiemärkte, hat den Abschluss seiner Übernahme durch ein von Mason Capital Management geleitetes Konsortium in Partnerschaft mit IES Holdings (NASDAQ: IESC) und anderen Investoren bekannt gegeben. Die vollständig barbasierte Eigenkapitaltransaktion positioniert CB&I, zuvor eine Tochtergesellschaft von McDermott International, als unabhängiges Unternehmen ohne finanzierte Schulden.
Das Geschäft zielt darauf ab, die Marktstellung von CB&I zu stärken, indem das über 135-jährige Erbe in der Bereitstellung innovativer Lösungen für Energie- und Industrieinfrastruktur genutzt wird. Das Unternehmen plant, von der starken Endnachfrage zu profitieren und seine strategischen Ziele unter der neuen Eigentümerstruktur voranzutreiben.
- Transaction completed with no funded debt, indicating strong financial position
- Strategic partnership with established financial investors enhances growth potential
- Company maintains independence while gaining financial backing
- Strong market positioning in energy storage solutions sector
- None.
Insights
All-cash equity transaction positions CB&I for long-term growth
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
FAQ
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