GreenHunter Energy to Acquire L&L
GreenHunter Energy has signed a definitive agreement to acquire L&L, a marine-based diesel fuel, methanol and lubricant supplier located in the Gulf of Mexico region.
The acquisition of L&L Holdings Louisiana together with its wholly owned subsidiary L&L Oil and Gas Services, includes 17 strategically located facilities along the coast of the Gulf of Mexico in Louisiana and Texas, including deepwater terminaling assets in three different locations, which primarily service the offshore oil and gas industry.
The acquisition of L&L also includes a 25% interest in Highland Marine, a dedicated tug and barge operator to L&L which owns 10 tug boats and 14 barges.
GreenHunter Energy will acquire L&L in an all-cash transaction scheduled to close prior to the 2008 year-end for a total consideration of approximately $27.5 million.
GreenHunter Energy has received and is currently evaluating a number of different proposals from third parties to finance the acquisition which should be non-dilutive to existing shareholders.
Gary Evans, chairman, president, and CEO of GreenHunter Energy, said: “As we continue to execute on our business plan of becoming a fully integrated biofuels company, the acquisition of L&L and more importantly, the highly motivated management team and employees who will soon become part of our organization, put us another step closer to realizing our ultimate goal.”