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Friday, July 29, 2005

Bahraini company acquires US-Based Gas Storage Facility

GAStorage Investment LLC, a company organized by global investment group Arcapita, has acquired the majority equity stake in Falcon Gas Storage Co. for $100 million. Bahrain-based Arcapita, which invests in companies with strong management teams in businesses with a sustainable value proposition, has injected additional capital to complete the expansion of Houston-based Falcon's existing gas storage facilities.

"Our new partners will provide Falcon with the capital necessary to complete the Phase II and III expansions of our Hill-Lake Gas Storage Facility, as well as the Phase I and II expansions of our Worsham-Steed Gas Storage Facility," said Falcon President and CEO John M. Hopper in a press release. "In addition, we have earmarked part of our new investment capital for the development of our MoBay Storage Hub in southwestern Alabama, which will serve markets in Florida and the southeast.

Current Falcon management will remain in place and continue to retain a material equity ownership in the company, the company said. Falcon is the largest privately held, independently owned developer and operator of high-deliverability, multi-cycle natural gas storage capacity in the United States.

Source: Houston Business Journal | reBlogged By: News Blog re-Blog
Filed Under: Bahrain, USA, Financial, Investment, Bank, Gas | Permalink

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