Genesis Stake Sold to Davison Family by Quintana-Led Group
Genesis Energy LP (GEL) said Quintana Capital Group LP, a Houston-based private-equity firm, sold “substantially all” of its stake in the pipeline company after holding it for two years.
The Quintana sale is part of a purchase by the Davison family of Louisiana, which raised its stake in Houston-based Genesis to about 17 percent of Class A units and 77 percent of Class B units, according to a statement today.
The Davison group, which included five board members, appointed Genesis Chief Executive Officer Grant Sims chairman and Kenneth Jastrow lead independent director. Four directors appointed by Quintana stepped down.
Genesis, which agreed in 2007 to buy energy assets from the Davison family, is a master-limited partnership that owns pipelines, storage terminals and trucking operations.
Quintana, which has former Commerce Secretary Donald L. Evans as a principal, bought its stake in Genesis from Denbury Resources Inc. (DNR) in 2010.
Genesis fell 0.7 percent to $33.57 at the close in New York.
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