Lexington Partners to Acquire Citi’s Commitment to Metalmark Capital Partners II
August 01 2014 - 7:09AM
Business Wire
Citigroup Inc. (NYSE:C) and Lexington Partners ("Lexington")
announced today that they have entered into a definitive agreement
whereby Citi will sell 80% of its $1.5 billion limited partnership
interest in Metalmark Capital Partners II (“MCP II”) to Lexington.
As part of the previously announced revision of the business
relationship between Citi and Metalmark in December 2013, Citi will
offer 20% of its limited partnership interest to existing MCP II
limited partners. Terms of the transaction, which is expected to
close in the fourth quarter of 2014, are not being disclosed.
Completion of the transaction is subject to customary closing
conditions.
“We are excited to expand our longstanding relationship with the
principals at Metalmark, a leading middle market sponsor with whom
Lexington has been an investor for nearly 20 years,” said Brent
Nicklas, Managing Partner of Lexington Partners. “We are pleased to
increase our commitment to MCP II and support the ongoing
investment activities of the Metalmark team.”
"We are pleased to build upon our relationship with Lexington
Partners, a longstanding Metalmark investor and a leading private
equity investor with global institutional sponsorship,” said Howard
Hoffen, Chairman and Chief Executive Officer of Metalmark Capital.
“Metalmark looks forward to delivering additional value for all MCP
II investors over the next several years. We also thank Citi for
their partnership and participation in MCP II."
Recently, Metalmark has been very active with the closing of a
significant investment in PTW Energy Services, a leading Canadian
energy services company, and the sale of two successful healthcare
investments – Healogics, Inc. and Aegis Sciences Corporation. These
investments exhibit Metalmark’s strategy of building long-term
value through active and supportive partnerships with the companies
and management teams in which it invests.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management. Additional information may be found at
www.citigroup.com.
About Lexington Partners
Lexington Partners is a leading global alternative investment
manager primarily involved in providing liquidity to owners of
private equity and in making co-investments alongside leading
private equity sponsors. Lexington Partners is the largest
independent manager of secondary acquisition and co-investment
funds with more than $28 billion in committed capital. Lexington
also invests in private investment funds during their initial
formation and has committed to new funds in the U.S., Europe, Latin
America, and the Asia-Pacific region. Lexington has offices
strategically located in major centers for private equity and
alternative investing – New York, Boston, Menlo Park, London, and
Hong Kong. Additional information may be found at www.lexingtonpartners.com.
About Metalmark Capital
Metalmark Capital is a leading private equity firm whose
principals have a long track record of successful investing in
targeted sectors, with particular focus and competence in energy,
healthcare and industrials. Metalmark Capital seeks to build
long-term value through active and supportive partnerships with the
companies and management teams in which it invests. Metalmark
Capital is currently investing its latest fund with $2.5 billion of
committed capital. For more information, please visit www.metalmarkcapital.com.
Media Inquiries:For Citi:Danielle
Romero-ApsilosCiti212-816-2264danielle.romeroapsilos@citi.comorFor
Lexington:Rebecca JohnLexington
Partners212-754-0411rajohn@lexpartners.comorFor Metalmark:Chuck
Dohrenwend or Luke BarrettAbernathy
MacGregor212-371-5999COD@abmac.com or LPB@abmac.com
Comstock Resources (NYSE:CRK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Comstock Resources (NYSE:CRK)
Historical Stock Chart
From Apr 2023 to Apr 2024