Welcome!

News Feed Item

Prince Minerals Acquires Grinding and Sizing Company

-- Tenth Acquisition Following Palladium Investment Significantly Expands Prince's Presence in the Attractive North American Oilfield Services Market --

NEW YORK, Dec. 26, 2012 /PRNewswire/ -- Prince Mineral Holding Corp. ("Prince"), a leading value-added distributor and global processor of specialty mineral products and additives used across a variety of niche industrial applications, today announced that it has acquired Grinding and Sizing Company L.L.C. ("GSC"), a processor and value-added distributor and wholesale manufacturer of drilling fluid additives used in the oilfield services industry.  The terms of the acquisition were not disclosed.

Prince is a portfolio company affiliated with Palladium Equity Partners, L.L.C. (together with its affiliates, "Palladium"), a private investment firm with a special focus on investments in the U.S. Hispanic marketplace.

GSC was founded in 1947 in Lufkin, Texas, and through its three primary facilities in Lufkin and Houston, specializes in manufacturing specialty additives primarily for the drilling fluids segment of the petroleum industry.

Willson Ropp, Chairman and President of Prince, commented, "The acquisition of GSC continues to strengthen Prince as the leading processor and value-added distributor of specialty minerals, raw materials and additives globally.  The synergy between GSC and Prince not only opens new market opportunities, but also expands our current position in the energy / petroleum market segment."

Under the new ownership, GSC intends to maintain all commercial, administration and operational personnel.  "Our goal will be to add products and services through familiar channels," said Mr. Ropp.

Adam Shebitz, a Principal at Palladium, said, "The acquisition of GSC places a capstone on what has been a transformative year for Prince, and marks the next big step in Prince's evolution.  Since Palladium's initial investment in 2003, the company has grown from a regional processor of colorants to the brick industry to a market-leading value-added distributor with a truly global reach.  GSC represents Prince's tenth acquisition to date, and provides Prince with an important presence in the rapidly growing drilling fluids additives industry."

As part of the acquisition, Prince refinanced its existing indebtedness and funded the acquisition with a $285.0 million issuance of senior secured notes.  The bond offering, brought to market by Joint Book-Running Managers Credit Suisse and BMO Capital Markets, Senior Lead Manager Jefferies and Co-Manager Cabrera Capital Markets, LLC, represents Prince's debut to the high yield marketplace.  

The Notes were offered in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors, pursuant to Regulation S. The Notes are not registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

About Prince Mineral Holding Corp.  (www.princeminerals.com)
Prince is a leading global processor and value‐added distributor of specialty mineral products and additives used across a broad spectrum of niche industrial applications.  Prince's history dates back to 1858 when Robert Prince founded The Prince Manufacturing Company, which began as a regional producer of colorants for the brick industry.  Prince has since significantly expanded its product portfolio and operations, and currently provides packaging, drying, milling, granulating, calcining, blending and mixing services together with research and development capabilities from 13 facilities across North America and Europe to customers in over 65 countries.  Prince partners with its suppliers and customers to develop a broad range of products for use in the brick, glass, agriculture, battery, chemical, foundry, refractory, steel, coal, oil and gas industries.

About Palladium Equity Partners, L.L.C. (www.palladiumequity.com)
Palladium is a middle market private equity firm with over $1 billion of assets under management focused primarily on buyout investments. Palladium seeks to acquire and grow companies in partnership with experienced management teams, with a special focus on companies benefiting from the growth in the U.S. Hispanic population. Palladium principals have been actively involved in the investment of $1.5 billion of capital in approximately 50 portfolio companies since 1989 and have significant experience in financial services, business services, food, restaurants, healthcare, industrial and media businesses. Palladium was founded in 1997 and is headquartered in New York City.

Media Relations Contacts:

Jeff Taufield / Lyndsey Estin / Peter Hill
Kekst and Company
212-521-4800

SOURCE Palladium Equity Partners, L.L.C.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
As more and more companies are making the shift from on-premises to public cloud, the standard approach to DevOps is evolving. From encryption, compliance and regulations like GDPR, security in the cloud has become a hot topic. Many DevOps-focused companies have hired dedicated staff to fulfill these requirements, often creating further siloes, complexity and cost. This session aims to highlight existing DevOps cultural approaches, tooling and how security can be wrapped in every facet of the bu...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, discussed how AI can simplify cloud operations. He covered the following topics: why cloud mana...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, will address this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of t...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
IT organizations are moving to the cloud in hopes to approve efficiency, increase agility and save money. Migrating workloads might seem like a simple task, but what many businesses don’t realize is that application migration criteria differs across organizations, making it difficult for architects to arrive at an accurate TCO number. In his session at 21st Cloud Expo, Joe Kinsella, CTO of CloudHealth Technologies, will offer a systematic approach to understanding the TCO of a cloud application...