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Lindsay Goldberg exits PetroLogistics stake

28 May 2014

texasPrivate equity firm Lindsay Goldberg has agreed to exit its investment in propylene producer PetroLogistics, which was sold to Koch Industries.

Lindsay Goldberg, York Capital Management and PetroLogistics’ management will sell their shares for $12 apiece, while the remaining stake will be sold for $14 per share.

The deal values the Houston-based company, which was backed by Lindsay Goldberg in 2008, at $2.1bn including debt.

PetroLogistics bought Exxon Mobil’s Houston Olefins plant and is converting it into a propylene plant, which will convert propane into propylene.

The plant will be located close to a third of the US propylene consumption.

Earlier this month it was reported that another company backed by Lindsay Goldberg, payment processor First American Payment Systems, cancelled its sale.

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