Le Lézard
Classified in: Mining industry, Oil industry, Transportation, Business
Subject: RCN

PSS Industrial Completes Recapitalization to Strengthen Balance Sheet, Fund Future Growth

Successful recapitalization enables PSS Industrial to shed its debt and access $55 million in new equity capital to position it for long-term success

Transaction ensures uninterrupted operations and payments to all partners

HOUSTON, May 23, 2022 /PRNewswire/ -- Today, PSS Industrial Group ("PSS Industrial Group" or the "Company"), a leading service provider and value-added distributor supplying a diverse base of customers in the energy and industrial industries, successfully completed a recapitalization with the Company's long-term investors that injects $55 million in new equity capital and eliminates all of the Company's debt ? significantly strengthening PSS Industrial Group's balance sheet.

"This is great news for our employees and partners and we couldn't be more excited about this support from our long-term investors, which will help strengthen our operations, fuel growth, and position us for future success," said Robert Workman, Chief Executive Officer of PSS Industrial Group. "This transaction injects new capital into our business, while reducing our debt ? ensuring we can continue to serve our customers well into the future and presents an exciting path forward that will allow us to reach new heights as an organization.  We greatly appreciate the dedication of our employees and the collaboration of our stakeholders throughout this process."

Highlights of the transaction include:

Kirkland & Ellis LLP served as legal advisor, Evercore served as investment banker, and Opportune LLP served as financial advisor to PSS Industrial Group. Akin Gump Strauss Hauer & Feld LLP served as legal advisor and Guggenheim Securities, LLC served as financial advisor to Marblegate and Angel Island. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to Goldman Sachs Asset Management.

About PSS Industrial Group

PSS Industrial Group is headquartered in Houston, Texas and has approximately 30 locations throughout the United States. PSS Industrial Group is a leading service provider and distributor of specialty equipment, MRO supplies and material handling solutions to the entire energy market value chain, including the upstream, midstream and downstream sectors, as well as industrial markets. For more information about PSS Industrial Group, please visit www.pssigroup.com or email [email protected].

SOURCE PSS Industrial Group

These press releases may also interest you

at 08:00
Toubani Resources, Inc. (formerly African Gold Group, Inc.) ("Toubani Resources" or the "Company") is pleased to announce that in line with its corporate strategy and shareholders' approval, the Company completed its change of name to "Toubani...

at 08:00
Century Global Commodities Corporation ("Century" or the "Company") is pleased to announce that Mr. Dwight Ball has been appointed as Director of the Company and will assume the role of Vice-Chair of the Board. Mr. Ball is a Canadian politician who...

at 08:00
Galane Gold Ltd. ("Galane Gold" or the Company") announces it has completed an update of the 2014 preliminary economic assessment ("PEA") on the Summit Mine and Banner Mill (collectively, "Summit"). Galane has developed a more detailed mine...

at 08:00
Golden Shield Resources Corp. ("Golden Shield" or the "Company") announces an upsize of its private placement previously announced on June 9, 2022 and June 22, 2022 (the "Offering")....

at 08:00
Bald Eagle Gold Corp. ("Bald Eagle" or the "Corporation") today announced it has commenced the mailing of the management information circular and other related materials (collectively, the...

at 07:45
The "Latin American Pumps Market Growth Opportunities" report has been added to ResearchAndMarkets.com's offering. This report's objective is to analyze trends within the pumps market. It includes growth drivers, restraints, and innovative...

News published on 23 may 2022 at 14:26 and distributed by: