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Universal Compression Announces Pricing of Public Equity Offering

websupport@netatwork.com (Super User) — Thu, 28 Jun 2001 00:00:00 +0000

Houston, June 28, 2001 - Universal Compression Holdings, Inc. (NYSE: UCO) today announced its public offering of 4.0 million shares of its common stock at a price of $28.50 per share, consisting of 1.33 million shares offered by the Company and 2.67 million shares from certain selling shareholders. The Company and the selling shareholders have also granted the underwriters a 30-day option to purchase, on a pro rata basis, up to an additional 200,000 shares from the Company and an additional 400,000 shares from the selling shareholders to cover over-allotments.

The managing underwriters of the offering are Merrill Lynch & Co., Salomon Smith Barney, First Union Securities, Inc., Lehman Brothers, Howard Weil, a division of Legg Mason Wood Walker, Inc., and Simmons & Company International. Information about this offering is available in the prospectus filed with the Securities and Exchange Commission. Copies of the prospectus may be obtained from Merrill Lynch & Co., 4 World Trade Center, Prospectus Department, Street Level, New York, NY 10080.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful.

Universal, headquartered in Houston, Texas, is a leading natural gas compression services company, providing a full range of rental, sales, operations, maintenance and fabrication services and products to the domestic and international natural gas industry.

Certain statements about Universal in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside Universal's control, which could cause actual results to differ materially from such statements. There can be no assurance that statements made in this communication relating to future events will be achieved. The risk factors are discussed in Universal's filings with the Securities and Exchange Commission, copies of which are available to the public. Universal expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events, or otherwise.

Castle Harlan Completes Purchase Of Compression Services Company

websupport@netatwork.com (Super User) — Fri, 20 Feb 1998 00:00:00 +0000

NEW YORK, February 20, 1998 - Castle Harlan, Inc., the New York merchant bank, announced today it had completed the acquisition of the compression services division of Tidewater, Inc. (NYSE: TDW) in a $360 million transaction.

The division, which had been called Tidewater Compression Service, Inc., has been renamed Universal Compression, Inc., said Jeffrey M. Siegal, a Castle Harlan managing director. The company's headquarters will continue in Houston, Texas, he said. Existing management will remain in place, including Stephen A. Snider, 50, the president and chief executive officer.

Universal Compression is one of the world's three largest independent providers of natural gas compression equipment and services, primarily to the energy industry. Its principal operations are in the United States, but it also operates in Canada, Europe, Venezuela, Argentina and the Pacific Rim.

The company was acquired by Castle Harlan Partners III, L.P. (CHP III), management and certain investors working closely with Castle Harlan. CHP III is an investment partnership organized by Castle Harlan a year ago with capital commitments of $630 million

Universal Compression is the third company in Castle Harlan's portfolio with a significant involvement in the energy business. Castle Harlan Partners II owns Statia Terminals Group N.V., one of the world's largest independent marine terminal companies, and U.S. Synthetic Corporation, the world's largest independent manufacturer of synthetic diamonds used in oil and gas drill bits.

Castle Harlan was founded in 1987. The firm is headed by John K. Castle, its chairman and former president and chief executive officer of Donaldson, Lufkin & Jenrette, the Wall Street investment firm, and Leonard M. Harlan, Castle Harlan president, and former chairman and founder of The Harlan Company, a real estate investment and financial advisory firm.

The firm's portfolio companies have included Ethan Allen Interiors, the furniture company; Morton's Restaurant Group, the nationwide chain of upscale steakhouses; Smarte Carte, the leading airport baggage cart rental company, and Delaware Management, a major international money-management firm with assets under management of more than $32 billion. Since its founding, Castle Harlan has completed acquisitions exceeding $3.5 billion.

Agrees To Purchase Top Compression Service Company

websupport@netatwork.com (Super User) — Thu, 18 Dec 1997 00:00:00 +0000

NEW YORK, December 18,1997 - Castle Harlan, Inc., the New York merchant bank, announced today that an investment partnership it man-ages had signed a definitive agreement to acquire Tidewater Compression Service, Inc., a division of Tidewater, Inc. (NYSE: TDW), of New Orleans, in a transaction valued at $360 million.

Tidewater Compression Service (TCS), based in Houston, Texas, is one of the world's three largest providers of natural gas compression equipment and services, primarily to the energy industry. It operates pri-marily in the United States, but also has operations in Canada, Venezuela, Argentina and Australia.

Jeffrey M. Siegal, a Castle Harlan managing director, called TCS "a company with a strong potential for growth in a high-growth industry."

He said that existing management, including TCS President Steve Snider, would remain in place and that Castle Harlan expected to support the company with substantial growth capital. He said Castle Harlan would consider additional strategic acquisitions in the same or related fields in the future.

Siegal said Tidewater Compression had generated strong, steady cash flow under every market condition since its inception 29 years ago. He also noted that the company had grown significantly in 1994 and 1995 through the acquisitions of the compression assets of Halliburton Compression Service and Brazos Gas Compressing Company.

The acquisition will be made by Castle Harlan Partners III, L.P., an investment partnership managed by Castle Harlan that closed last Febru-ary with capital commitments of $630 million.

After the transaction has been completed, Tidewater will become the third company with a significant involvement in the energy business in Castle Harlan's portfolio. Castle Harlan Partners II owns Statia Terminals Group N.V., one of the world's largest independent marine terminal com-panies, and U.S. Synthetic Corporation, the world's largest independent manufacturer of synthetic diamonds used in oil and gas drill bits.

Siegal said that growth in the industry, both in the United States and internationally, will be driven by the increasing world demand for natural gas, the declining natural pressure of maturing oil and gas fields world-wide, the aging of producer-owned compressors throughout the world and the spreading trend among oil and gas producers to rent gas compressors, rather than own them.

Environmental concerns will also encourage increased use of natural gas, he said, in place of other carbon fuels.

BT Alex. Brown advised Castle Harlan on the transaction.