Private Equity Buys TPC Group

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
240MM
Description

Purchase of a niche petrochemical services provider.

Two private equity investors have closed on their buyout of TPC Group Inc., a provider of niche petrochemical services, for about $705 million.

Under the terms of the buyout agreement, which was announced in early December, TPC shareholders received about $45 per share for about 15.7 million outstanding common shares. Houston-based TPC, which previously traded on the Nasdaq under the symbol TPCG, has been delisted and is now a private company.

Capital for the buyout was provided by private equity managers First Reserve Corp. and SK Capital Partners.

Perella Weinberg Partners LP served as financial advisor to TPC Group, and Baker Botts LLP served as legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to the special committee of TPC Group's Board of Directors. Jefferies & Co. Inc. and Goldman, Sachs & Co. served as financial advisors to First Reserve and SK Capital. Simpson Thacher & Bartlett LLP served as legal counsel to First Reserve and SK Capital.