WL Ross & Co. and Navigator Holdings Ltd. have entered into a definitive agreement for WL Ross to acquire up to 19.4% of Navigator's common stock for a total of US$62.5 million in order to provide additional capital resources for the company's growth program.
Up to two designees of WL Ross & Co., including Wilbur Ross, Jr., Chairman of WL Ross & Co., will join the company’s board of directors. “We see very substantial opportunities in the global transportation industry, particularly rail and marine shipping,” said Mr. Ross. “Navigator is a leader in the handy-sized shipping segment, which has excellent fundamentals and a positive outlook as global shifts in demand for liquefied petroleum gas and other petrochemicals increase opportunities for efficient, flexible marine transportation providers,” Ross said. “WL Ross is a world-class investor, with a great track record and a particular emphasis in transportation,” said David J. Butters, Navigator’s Chairman and Chief Executive Officer. “We see many promising growth opportunities, and are delighted that Mr. Ross will be joining us as we continue to build what we feel will be a powerful force in the global LPG industry,” Butters said.