Mason Capital Management and Partners Acquire CB&I for Growth
In an all-cash equity transaction, CB&I, recognized as a leader in storage facility design and construction, has successfully completed its acquisition by a consortium of financial investors led by Mason Capital Management LLC. This strategic move positions CB&I for sustainable long-term growth and enhancement in the dynamic infrastructure landscape.
Highlights of the Acquisition
The acquisition marks a significant milestone for CB&I, formerly an unrestricted subsidiary of McDermott International, Ltd. With the closing of this transaction, CB&I emerges as a robust and independent entity with no funded debt, creating a solid foundation for future endeavors. The consortium also includes IES Holdings, Inc. (NASDAQ: IESC), among other notable investors such as Nut Tree Capital Management, LP, and 683 Capital Management, LLC.
New Beginnings for CB&I
Mark Butts, CEO of CB&I, expressed his enthusiasm about the partnership with Mason and its investors, stating the intention to continue building on CB&I's rich history, which spans over 135 years. He emphasized the commitment to innovate and deliver solutions tailored to the evolving needs of energy and industrial markets. With the support of Mason and the consortium, CB&I is poised to capitalize on strong market demand while advancing its strategic objectives.
The Vision of Mason Capital Management
Mike Martino, Managing Member and Principal of Mason, articulated the firm's mission to empower CB&I by leveraging its potential in the growing energy storage solutions sector. Mason Capital Management aims to facilitate CB&I's achievement of its strategic targets while promoting innovation, safety, and performance across its operations.
About CB&I: Pioneers in Storage Solutions
CB&I stands as a globally recognized leader in designing and constructing storage facilities, tanks, and terminals. With an impressive portfolio of over 60,000 completed structures within its extensive history, the company offers world-class solutions, addressing even the most complex energy infrastructure challenges. CB&I's future under the guidance of Mason Capital Management promises continued excellence and responsiveness to market demands.
About Mason Capital Management LLC
Mason Capital Management LLC specializes in absolute return investments, driven by profound fundamental analysis and proactive strategies aimed at creating value. Founded in July 2000, the firm prides itself on its diverse investment strategies, including event-driven investing, corporate carve-outs, and control acquisitions. With an eye on innovation and strategic growth, Mason is dedicated to ensuring the long-term success of CB&I.
McDermott's Legacy
Previously a parent company to CB&I, McDermott stands out as an integrated provider of engineering and construction solutions within the energy sector. Operating across more than 54 countries, McDermott is harnessing global energy resources to meet the needs of the world's evolving energy infrastructure. Their commitment to sustainable practices positions them as a pivotal player in shaping a brighter future.
Contact Information
For CB&I:
Nancy Turner
Director, Global Marketing and Communications
For Mason:
Jonathan Gasthalter/Sam Fisher
Gasthalter & Co.
+1 212 257 4170
Frequently Asked Questions
1. What is the significance of the acquisition by Mason Capital Management?
This acquisition positions CB&I for long-term growth, enhancing its independence and allowing more flexibility in operations.
2. Who are the key players in the acquisition consortium?
The consortium includes Mason Capital Management, IES Holdings, Nut Tree Capital Management, and 683 Capital Management, among others.
3. How does this acquisition affect CB&I's operational strategy?
With no funded debt, CB&I is now able to focus on strategic growth and innovation, responding effectively to market demands.
4. What is Mason Capital's investment philosophy?
Mason Capital focuses on absolute returns and combines in-depth analysis with actionable strategies to drive value creation.
5. What is CB&I known for in the industry?
CB&I is a leader in designing and building storage facilities and tanks for the energy and industrial markets, with a strong emphasis on innovation and safety.
