Goldman Sachs Sells Stake in MRC Global - Modern Distribution Management

Goldman Sachs Sells Stake in MRC Global

Goldman Sachs has been a private equity sponsor of MRC Global since 2007.

MRC Global Inc. (NYSE: MRC), Houston, TX, announced that Goldman Sachs & Co. has completed the sale of its stake in MRC. Goldman Sachs through the Goldman Sachs Funds was the private equity sponsor of MRC Global beginning with a private investment in 2007.

MRC Global became a publicly traded company in an initial public offering in April 2012.

"Today marks another major milestone for MRC Global as we have now transitioned fully to a publicly held, New York Stock Exchange listed company," said MRC Global President and CEO Andrew Lane. "Following Goldman Sachs' block trade, MRC Global now has 97% public shareholders and 3% ownership by executive management.  This final step has been our plan ever since our IPO in April 2012."

In connection with the completion of the sale, MRC Global directors Christopher Crampton and Jack Daly, both managing directors of Goldman Sachs, resigned from the board of directors of MRC Global. MRC Global reduced the size of the board from 12 to 10 directors.

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