Caxton-Iseman Capital completes acquisition of Valley National Gases

By Lisa Kerner

Charlotte, N.C., Feb. 28 - Caxton-Iseman Capital, Inc.'s affiliate completed its acquisition of Valley National Gases Inc. for $27.00 per share after Valley National Gases' shareholders approved the $304 million transaction.

Valley National Gases will operate as a private company and its stock was delisted from the American Stock Exchange effective Thursday.

"We are pleased to complete the acquisition of Valley National Gases and begin the process of further developing its outstanding industrial gas and propane distribution platforms," Caxton-Iseman principal Joost F. Thesseling said in a company news release.

"Valley National has significant organic and acquisition growth opportunities and we are excited to collaborate with the company's management team to achieve our shared objectives."

Debt financing for the transaction was provided by Credit Suisse, UBS Securities LLC and Morgan Stanley.

Caxton-Iseman is a New York private investment firm.

Valley National Gases, located in Washington, Pa., packages and distributes industrial, medical, and specialty gases; welding equipment and supplies; propane; and fire protection equipment.

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