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LIGHTYEAR
FUND COMPLETES ACQUISITION OF BAKER TANKS, INC.
NEW
YORK, New York – (November 28, 2005) – Lightyear Capital
LLC (“Lightyear”), a private equity firm that focuses
on financial services, today announced that on November 23, 2005,
The Lightyear Fund, L.P. has completed its acquisition of Baker
Tanks, Inc. (“Baker”), the leading liquid and solid
containment equipment rental and leasing services company. Lightyear
previously announced a definitive purchase agreement to acquire
Baker on October 17, 2005. Terms of the agreement were not disclosed.
“We think Baker is uniquely poised to take advantage of the
highly-fragmented and fast-growing liquid and solid containment
equipment rental and leasing industry” said Donald B. Marron,
chairman and chief executive officer of Lightyear. “The Company’s
growing product suite and close relationships with major corporations
eager to consolidate their purchasing using fewer vendors provide
Baker, in our opinion, with a distinct edge over the competition.”
Mr. Marron concluded, “We are confident in Baker’s seasoned
management team and look forward to supporting them as we partner
in leading Baker through its next phase of growth.”
Commenting on
the closing, Bryan Livingston, chief executive officer of Baker,
said, “Working with Lightyear is a great opportunity for our
company. We feel Lightyear’s financial services expertise
and value-added approach will immediately assist us with our growth
plans both organically and through future acquisitions.”
Lightyear
spearheaded an investment team comprised of the Caisse de dépôt
et placement du Québec, a leading institutional investor
in Canada, Goldman Sachs Mezzanine Partners III and Baker’s
existing management team.
ABOUT LIGHTYEAR
Lightyear Capital LLC is a New York-based private equity investment
firm that primarily makes control investments in mid-sized companies
within the financial services industry. Lightyear currently manages
The Lightyear Fund, L.P., a $751 million private equity fund formed
in 2001. Lightyear is led by its investment committee whose head
is Donald B. Marron, former chairman and CEO of PaineWebber Group,
Inc., and senior members David W. Glenn, Stewart K.P. Gross, Richard
J. Sterne, and Mark F. Vassallo. Lightyear’s senior investment
professionals have an average of more than 20 years of financial
services experience and possess a range of private equity investment
and transaction experience and personal relationships established
throughout their careers as experts and/or leaders within the financial
services industry.
For
more information, please visit www.lycap.com.
ABOUT
BAKER
Baker, an industry pioneer founded over 60 years ago, has emerged
as the market leader in the liquid and solid containment equipment
rental and leasing industry. Baker has enjoyed 12 consecutive years
of revenue growth and is well positioned to expand its market share
within the highly fragmented and fast-growing $2 billion liquid
and solid containment market. Baker maintains a diverse fleet of
over 15,300 units and provides liquid and solid containment rental
and leasing solutions through its national network of 74 locations
to a diverse customer base operating across numerous industries
including industrial and environmental services, environmental remediation,
oil and gas, construction, refinery, chemical, transportation, and
power.
For more information, please visit www.bakertanks.com.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is
a financial institution that manages funds primarily for public
and private pension and insurance plans. As at December 31, 2004,
it held CA$102.4 billion of net assets. The Caisse invests in the
main financial markets as well as in private equity and real estate.
The institution partners with dynamic companies in various sectors,
offering them a full range of debt and equity financing products.
As at December 31, 2004, the private equity portfolios held more
than 600 investments in funds and companies, for CA$10.2 billion
of net assets.
For more information, please visit www.lacaisse.com
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Contacts
For Lightyear Capital:
Sloane & Company
Anton Nicholas or Keil Decker
212-486-9500
For Baker Tanks:
Paul Cummins
562-430-6262
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