|By PR Newswire||
|March 12, 2014 03:05 PM EDT||
OLD GREENWICH, Conn., March 12, 2014 /PRNewswire/ -- Next Generation Energy Logistics, LLC ("NxGen") has been formed by Perot Bissell, Michael Crosby, and Belinda Foxworth to pursue opportunities in the downstream energy logistics industry, including businesses involved in the distribution of diesel fuel, gasoline, CNG, LNG, bio-fuels, and industrial lubricants throughout North America. Mr. Bissell was one of the founding investors of Maxum Petroleum, Inc. and served as its CEO from 2006 until 2012. During his tenure, Maxum became of one the largest independent distributors of fuel and lubricants to commercial and industrial customers in North America selling and delivering over 1.2 billion gallons of fuel and 55 million gallons of lubricants. Mr. Crosby and Ms. Foxworth were members of the Maxum senior management team, respectively serving as President of the Commercial and Industrial Division and General Counsel. Maxum Petroleum was sold to Pilot Flying J in August of 2012.
NxGen has agreed to work exclusively with Riverstone Holdings, LLC as it develops and pursues its acquisition and consolidation strategy. Riverstone Holdings, LLC will have a preferred right to provide equity funding for the strategy. Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $25.1 billion to 105 investments in North America, Latin America, Europe, Africa and Asia.
Mr. Bissell commented, "We are very pleased to be working with Riverstone to build our downstream logistics business through acquisitions and organic growth. We continue to see many excellent opportunities to improve and leverage the infrastructure supporting the end-users of fuels, lubricants, and related value-added products. The industry is still very fragmented with numerous attractive acquisition targets."
Andrew Ward, Partner at Riverstone, added, "We have been interested in finding a management team with which to develop a platform in the downstream energy logistics industry sector for some time. We are very excited to work with the Next Generation team."
For Next Generation Energy Logistics LLC:
For Riverstone Holdings LLC:
James David or Jeffrey Taufield
Kekst and Company
SOURCE Next Generation Energy Logistics, LLC