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Prince Minerals Acquires Grinding and Sizing Company
-- Tenth Acquisition Following Palladium Investment Significantly Expands Prince's Presence in the Attractive North American Oilfield Services Market --

NEW YORK, Dec. 26, 2012 /PRNewswire/ -- Prince Mineral Holding Corp. ("Prince"), a leading value-added distributor and global processor of specialty mineral products and additives used across a variety of niche industrial applications, today announced that it has acquired Grinding and Sizing Company L.L.C. ("GSC"), a processor and value-added distributor and wholesale manufacturer of drilling fluid additives used in the oilfield services industry.  The terms of the acquisition were not disclosed.

Prince is a portfolio company affiliated with Palladium Equity Partners, L.L.C. (together with its affiliates, "Palladium"), a private investment firm with a special focus on investments in the U.S. Hispanic marketplace.

GSC was founded in 1947 in Lufkin, Texas, and through its three primary facilities in Lufkin and Houston, specializes in manufacturing specialty additives primarily for the drilling fluids segment of the petroleum industry.

Willson Ropp, Chairman and President of Prince, commented, "The acquisition of GSC continues to strengthen Prince as the leading processor and value-added distributor of specialty minerals, raw materials and additives globally.  The synergy between GSC and Prince not only opens new market opportunities, but also expands our current position in the energy / petroleum market segment."

Under the new ownership, GSC intends to maintain all commercial, administration and operational personnel.  "Our goal will be to add products and services through familiar channels," said Mr. Ropp.

Adam Shebitz, a Principal at Palladium, said, "The acquisition of GSC places a capstone on what has been a transformative year for Prince, and marks the next big step in Prince's evolution.  Since Palladium's initial investment in 2003, the company has grown from a regional processor of colorants to the brick industry to a market-leading value-added distributor with a truly global reach.  GSC represents Prince's tenth acquisition to date, and provides Prince with an important presence in the rapidly growing drilling fluids additives industry."

As part of the acquisition, Prince refinanced its existing indebtedness and funded the acquisition with a $285.0 million issuance of senior secured notes.  The bond offering, brought to market by Joint Book-Running Managers Credit Suisse and BMO Capital Markets, Senior Lead Manager Jefferies and Co-Manager Cabrera Capital Markets, LLC, represents Prince's debut to the high yield marketplace.  

The Notes were offered in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors, pursuant to Regulation S. The Notes are not registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

About Prince Mineral Holding Corp.  (www.princeminerals.com)
Prince is a leading global processor and value‐added distributor of specialty mineral products and additives used across a broad spectrum of niche industrial applications.  Prince's history dates back to 1858 when Robert Prince founded The Prince Manufacturing Company, which began as a regional producer of colorants for the brick industry.  Prince has since significantly expanded its product portfolio and operations, and currently provides packaging, drying, milling, granulating, calcining, blending and mixing services together with research and development capabilities from 13 facilities across North America and Europe to customers in over 65 countries.  Prince partners with its suppliers and customers to develop a broad range of products for use in the brick, glass, agriculture, battery, chemical, foundry, refractory, steel, coal, oil and gas industries.

About Palladium Equity Partners, L.L.C. (www.palladiumequity.com)
Palladium is a middle market private equity firm with over $1 billion of assets under management focused primarily on buyout investments. Palladium seeks to acquire and grow companies in partnership with experienced management teams, with a special focus on companies benefiting from the growth in the U.S. Hispanic population. Palladium principals have been actively involved in the investment of $1.5 billion of capital in approximately 50 portfolio companies since 1989 and have significant experience in financial services, business services, food, restaurants, healthcare, industrial and media businesses. Palladium was founded in 1997 and is headquartered in New York City.

Media Relations Contacts:

Jeff Taufield / Lyndsey Estin / Peter Hill
Kekst and Company
212-521-4800

SOURCE Palladium Equity Partners, L.L.C.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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