Affiliated Investment Funds Of Goldman Sachs Complete Sale Of Stake In MRC
Directors Christopher Crampton and Jack Daly resign from Board
Rhys Best named lead independent director
HOUSTON, Nov. 13, 2013
HOUSTON, Nov. 13, 2013 /PRNewswire/ --MRC Global Inc. (NYSE: MRC) announced
today that certain investment funds affiliated with Goldman Sachs & Co. (the
Goldman Sachs Funds) have completed their sale of 17,489,233 shares of the
common stock of MRC Global. Goldman Sachs through the Goldman Sachs Funds was
the private equity sponsor of MRC Global beginning with a private investment
in 2007. In April 2012, MRC Global became a publicly traded company in an
initial public offering (IPO). As a result of the completion of today's sale
of MRC Global shares, the Goldman Sachs Funds no longer have a stake in MRC
"Today marks another major milestone for MRC Global as we have now
transitioned fully to a publicly held, New York Stock Exchange listed
company," commented MRC Global chairman, president and CEO Andrew Lane.
"Following Goldman Sachs' block trade, MRC Global now has 97% public
shareholders and 3% ownership by executive management. This final step has
been our plan ever since our IPO in April 2012. I want to thank Goldman Sachs
for their significant contribution to the success of MRC Global, which started
with their initial investment in 2007. Goldman Sachs played a pivotal role in
shaping the company, guiding us through our transition from 91 years as a
U.S.–focused private business to our position today as the largest global
distributor of pipe, valves and fittings (PVF) to the energy industry. Goldman
Sachs' private equity investment has led to creating the 451^st largest U.S.
company on the current Fortune 500 list."
In connection with the completion of the sale, MRC Global directors,
Christopher Crampton and Jack Daly, both Managing Directors of Goldman Sachs,
resigned from the Board of Directors of MRC Global. The Board of Directors of
MRC Global has reduced the size of the board from 12 to 10directors.
Mr. Lane stated further, "We greatly appreciate the contributions of both Jack
Daly and Christopher Crampton to the success of the company and its IPO. We
will miss their leadership."
The Board of Directors of MRC Global named Rhys J. Best as lead director. Mr.
Best, who has been a director since 2007, has served as chairman of both the
Governance and Compensation Committees of the Board and has also served on the
Audit Committee. Mr. Best served as chairman and CEO of Lone Star
Technologies Inc. until 2007.
About MRC Global Inc.
Headquartered in Houston, Texas, MRC Global, a Fortune 500 company, is the
largest global distributor of pipe, valves, and fittings (PVF) and related
products and services to the energy industry, based on sales, and supplies
these products and services across each of the upstream, midstream and
downstream sectors. More information about MRC Global can be found
James E. Braun, Executive Vice Monica Schafer, Vice President
President and Chief Financial Officer Investor Relations
SOURCE MRC Global Inc.
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