Bear Paw Going
by January 24, 2000 12:00 am 106 views
TransMontaigne Inc., the Denver-based transportation, storage, terminaling and wholesale marketer of petroleum products that has substantial offices in Fayetteville, is selling its Bear Paw Energy Inc. subsidiary.
Bear Paw Energy is the company’s natural gas-gathering unit. According to filings with the Securities & Exchange Commission, the $107.5 million cash sale was expected to close in mid-January and may offset losses TransMontaigne has experienced in its core business, petroleum products logistical services.
The buyer is BPE Acquisition LLC, an entity formed by Bear Paw’s management, in association with Thomas J. Edelman and Chase Capital Partners.
In other TransMontaigne news, the company’ president, Richard E. Gathright, has apparently left the business. TransMontaigne said CEO and vice chairman Donald H. Anderson would assume Gathright’s duties.