The firm is representing First Reserve Corporation in connection with its acquisition of Chart Industries, Inc. for cash. Including the assumption of debt, the transaction value is expected to be approximately $460 million. The transaction was announced on August 3, 2005 and is expected to close in the fourth quarter of this year.
First Reserve is the largest and oldest private equity firm specializing in the energy industry with $4.7 billion under management across four active funds. Throughout its 20-year history, First Reserve has developed a strong franchise of investing exclusively in the energy industry, utilizing its broad base of specialized industry knowledge. First Reserve has funded more than 80 principal transactions and completed more than 200 add-on acquisitions with its core companies.
Chart is a leading global supplier of standard and custom engineered products and systems serving a wide variety of low temperature and cryogenic applications. Chart has domestic operations located in seven states and an international presence in Australia, China, the Czech Republic, Germany and the United Kingdom.
The Simpson Thacher team includes Patrick Naughton, James Wallace and Adam Corndorf (corporate), Alden Millard and Frederick Lee (bank financing), Ed Tolley and Anne Callender (high-yield financing), John Creed and Tom Gray (tax), Brian Robbins and Aimee Adler (executive compensation and employee benefits), Krista Miniutti and Jenny Lee (real estate), Mike Isby (environmental), Scott Dyer (labor), Kirstie Howard (intellectual property), summer associates Janna Berke, John Talansky and Dora Jimenez and paralegals Betsy Wang and Leigh Abrams.