We share APR's enthusiastic outlook for non-permanent power generation business around the world and we anticipate that our expertise will help the company's management team continue to achieve rapid and profitable growth.
Jacksonville, FL (PRWEB) March 31, 2009
Jacksonville, FL -- APR Energy Cayman Limited, a leading provider of major turnkey temporary power generation services, announced today it has received a significant minority investment of $30 million from Levant Capital Limited, a Dubai-based private equity firm.
The proceeds will be used to fund APR Energy's growth strategy and to support additional capital investment for power generation equipment and projects around the world. APR Energy currently operates power plants in Haiti, Costa Rica and Argentina, and has contracted to begin additional power generation operations in South America and Africa over the balance of this year. Typical plants provide from 10 to 200 megawatts, enough electricity to power 30,000 customers.
"Levant's acquisition of an influential minority stake in APR provides us with growth capital and, equally important, with enhanced visibility and access in some of the largest and fastest-growing markets for temporary power in the world," said John Campion, APR Energy's CEO.
"We very much appreciate the confidence Levant has shown in us and our growth plans during this period of global financial turbulence, and we look forward to working with Levant's seasoned investment team and with their investors to expand our power rental operations, particularly in the Gulf region and North Africa."
Salameh Sweis, CEO of Levant Capital noted, "Our investment in APR Energy fits our objective of providing growth capital for well-managed, mid-cap companies with growth opportunities in geographic markets of importance to us.
"We share APR's enthusiastic outlook for non-permanent power generation business around the world and we anticipate that our expertise will help the company's management team continue to achieve rapid and profitable growth."
Wachovia Capital Markets, LLC (a Wells Fargo company) acted as exclusive financial advisor to APR Energy and Wachovia Bank, NA (a Wells Fargo company) provided a bank credit facility to APR Energy in support of the transaction. Shutts & Bowen LLP acted as legal advisor to APR Energy. Allen & Overy LLP acted as legal advisor to Levant Capital Limited.
About APR Energy:
APR Energy specializes in the rapid deployment of turnkey power generation solutions coupled with comprehensive operation and maintenance services and ultimately the sale of reliable and efficient kilowatt-hours to its global customers. In addition to Haiti, Costa Rica and Argentina, the company has completed projects in Canada, Mexico, Peru, Tanzania, Pakistan, Sri Lanka and Indonesia.
About Levant Capital:
Levant Capital Limited is a regulated investment management company incorporated in the Dubai International Financial Center (DIFC). Founded in 2005 by HRH Prince Khaled bin Alwaleed bin Talal Alsaud and its management team, Levant Capital leads minority investments, recapitalizations and buyouts of profitable mid-cap growth companies operating or with significant growth opportunities in the GCC, Turkey, Levant and North Africa. Levant Capital is authorized and regulated by the Dubai Financial Services Authority.