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 Global.
"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 451st
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 10 directors.
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
at www.mrcglobal.com.
Contacts:
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James E. Braun,
Executive Vice
President and Chief
Financial Officer
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Monica Schafer, Vice
President
Investor
Relations
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Jim.Braun@mrcglobal.com
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Monica.Schafer@mrcglobal.com
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832-308-2845
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832-308-2847
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SOURCE MRC Global Inc.