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Genesis Energy, L.P. Announces Changes In Ownership And Board Of Directors

Stocks in this article: GEL

Today, Genesis Energy, L.P. (NYSE: GEL) announced that certain members of the Davison family of Ruston, Louisiana have made a third substantial investment in the partnership. The Davison family led an investor group that acquired 2,165,002 Class A common units (or 2.7% of those outstanding) and 34,998 Class B common units (or 87.5% of those outstanding) in a private placement from the Quintana Capital Group--a Houston-based private equity fund--and certain of its affiliates and co-investors. That transaction, which closed on Friday, October 5, 2012, resulted in certain members of the Davison family, collectively, owning approximately 17.2% of the partnership’s outstanding Class A units and 76.9% of the partnership’s outstanding Class B units, which entitle the Davisons to elect at least a majority of the members of the board of directors of the partnership’s general partner. Messrs. James E. Davison, Sr. and James E. Davison, Jr. have been on our board since 2007. The Davison investor group also included three other continuing members of our board--Mrs. Sharilyn Gasaway and Messrs. Corbin J. Robertson, III and Grant E. Sims, who also is our Chief Executive Officer.

Chief Executive Officer Grant E. Sims said, “We continue to be honored and inspired by the Davison’s confidence in, and commitment to, us and our growth potential. They have a long and profitable history of investing in and building successful enterprises, including the partnership. Over the last five years, James and Jim have been an important part of a stabilizing force that has allowed us to focus on executing our strategy. We value their support and input.”

James E. Davison Sr., the leader of several energy businesses that today represent a large portion of the partnership’s core assets, stated, “We are excited to have the opportunity to make another substantial investment in the partnership. We have the highest level of confidence in the integrity, capability and ingenuity of the partnership’s management team. We believe that this management team can continue to foster an enabling culture that will allow the partnership to move quickly and profitably to the next level.”

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