NEW ORLEANS, Feb. 26, 2013 (GLOBE NEWSWIRE) -- The Board of Directors for Westway Group LLC, owner of Westway Terminals, which is a global provider of bulk liquid storage services, is pleased to announce the promotion of Gene McClain from his current position as President to the role of Chief Executive Officer for Westway Group LLC. This leadership change fills a position vacated in the transition following the acquisition of Westway Group and its subsidiary Westway Terminals by affiliates of EQT Infrastructure II.
The Board of Directors is confident that "Gene's deep knowledge of the Westway portfolio, extensive experience in the industry and strong working relationships with key clients will help to position Westway for future growth as we meet the growing needs of Westway customers," noted Geoff Roberts, Chairman of the Board for Westway.
Gene began his career with Westway in August of 2005 as the Regional Manager for the Gulf Coast. During his tenure with Westway, he assumed increasing levels of responsibility within Westway up to his most recent promotion to President in 2011. Prior to joining Westway, Gene had over 20 years of experience working for GATX as well as several years of prior terminal experience working for Intercontinental Terminals.
Alex Darden, Partner at EQT Partners, Investment Advisor to EQT Infrastructure and Board Member of Westway, said, "With the Westway acquisition that was completed at the end of January 2013, EQT has continued to build upon its successful investment presence in the bulk liquid terminal business and in attractive infrastructure assets serving customers around the globe. We look forward to developing the Westway business to meet growing customer demand."
Westway Terminals, headquartered in New Orleans LA, is a premier global provider of bulk liquid storage and related services to clients from a network of 19 strategic hubs located throughout North America and Europe. The business is focused on niche liquid products and customized service offerings and Westway has a leading market position in the agricultural and chemical commodity sectors. Key products stored include petroleum oils, caustics, asphalts, vegetable oils, methyl esters, chemicals and molasses products, among others. Westway is actively acquiring and developing green-field and brownfield expansion terminal projects to serve the growing needs of its diverse client base. Westway's European business unit, serving clients from its terminals located throughout Europe, is based in Amsterdam, Netherlands.
EQT is the leading private equity group in Northern Europe with approximately EUR 20 billion in raised capital and multiple investment strategies. Together with an extensive network of independent Industrial Advisors, EQT implements its investment strategy by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, supporting their development into leading companies. Development is achieved by an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 11 billion in around 100 companies and exited close to 50. EQT-owned companies have more than 550,000 employees.
EQT Infrastructure II is the second fund within the infrastructure investment strategy. The first fund closed in 2008 at approximately EUR 1.2 billion. EQT Infrastructure II seeks to invest in medium-sized infrastructure companies with a significant opportunity for value creation through accelerating growth and implementing operational improvements. Potential investment targets are basic infrastructure, concession-based infrastructure and infrastructure-related services.
EQT Partners, acting as Investment Advisor to the general partners and managers of each EQT fund, has around 120 investment professionals with an extensive industrial and financial competence. EQT Partners and its affiliates have offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.
CONTACT: Thomas A. Masilla, Jr., CFO (504) 636-4245Source:Westway Group LLC