Genesis Energy LP (NYSE: GEL) announced that certain members of the Davison family of Ruston, La., have made a third substantial investment in the partnership. The Davison family led an investor group that acquired 2,165,002 class A common units (or 2.7% of those outstanding) and 34,998 class B common units (or 87.5% of those outstanding) in a private placement from the Quintana Capital Group--a Houston-based private equity fund--and certain of its affiliates and co-investors.
That transaction resulted in certain members of the Davison family, collectively, owning approximately 17.2% of the partnership’s outstanding class A units and 76.9% of the partnership’s outstanding class B units, which entitle the Davisons to elect at least a majority of the members of the board of directors of the partnership’s general partner. Messrs. James E. Davison Sr. and James E. Davison Jr. have been on the board since 2007. The Davison investor group also included three other continuing members of the board-- Sharilyn Gasaway and Messrs. Corbin J. Robertson III and Grant E. Sims, who also is its chief executive officer.
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