Under the terms of the deal Eletson will contribute its existing fleet of five medium-sized gas carriers, while Blackstone will provide equity capital to fund the construction of new-build vessels and acquisition of new vessels.
Eletson will also be responsible for the operating and technical management of the new company.
Eletson Gas also said that it has signed new building contracts for eight vessels, which are scheduled for delivery in 2015 and early 2016.
Principal in Blackstone’s Tactical Opportunities group Jasvinder Khaira said, “Through this partnership, we are committed to building a best-in-class, global owner and operator of LPG vessels that is a leader in its market segment.
“We are thrilled to join Eletson and its strong management team in this new venture.”
Earlier this month Blackstone revealed that its private equity revenues had jumped 44 per cent so far in 2013.
Total revenues from the firm’s buyout investments were $732m for the first three quarters according to the latest quarterly results.
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