APOLLO GLOBAL MANAGEMENT LLC | EXPRESS ENERGY SERVICES AGREES TO BE ACQUIRED BY APOLLO FUNDS |
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--Premier Oilfield Services Company Partners with Apollo to Support Continued Growth- HOUSTON -- (Oct. 24, 2014) - Express Energy Services ("Express" or the "Company"), a North American oilfield services company, today announced that funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, "Apollo") and participating management have agreed to acquire the Company from its existing shareholders. Terms of the transaction were not disclosed. Express, founded in 2000, is a premier provider of products and services to the petroleum and energy industries. Offering oilfield services in every major hydrocarbon basin in the United States, Express assists its customers with six service lines, including casing and tubular running and completion and production services, and a workforce of approximately 1,700 employees in more than 30 locations. "Apollo is one of the largest and most successful private equity firms in the world and possesses the type of deep energy expertise that we believe will enhance the value of Express Energy Services," said Darron Anderson, chief executive officer, Express Energy Services. "We are proud Apollo has chosen Express as a platform for oilfield services and are thrilled to partner with them to further develop and grow our business. We expect this transaction will provide considerable strategic benefits to our underlying business along with our customers and employees." "We look forward to our new partnership with Express Energy Services and its outstanding management team and employees. We have been extremely impressed with the Company's culture of excellence, track record of operational success and strong commitment to training, safety and service quality," said Michael Jupiter, partner, Apollo Global Management. "We believe we are well positioned to help Express achieve its long-term growth strategies for its existing and future service line offerings." Express will continue to be headquartered in Houston, Texas. About Express Energy Services Express Energy Services is a diversified oilfield service company with six service lines located across the United States. Express offers drilling services including casing and tubular running, rathole drilling and drill site rentals. Express also offers completion and production services including well testing and wireline. In addition, Express offers offshore well intervention services in the Gulf of Mexico. For more information about Express, please visit www.eeslp.com. About Apollo Global Management, LLC Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $168 billion as of June 30, 2014 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com. Contact Information For Express Energy Services, please contact:
Wendy Hall For investor inquiries regarding Apollo, please contact:
Gary M. Stein
Noah Gunn For media inquiries regarding Apollo, please contact:
Charles Zehren |
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