Latest In MRC Global (McJunkin-Red Man)

McJunkin Red Man has registered with the SEC for an initial public offering of its common stock for $750 million. The company will be listed under the symbol MRC.”McJunkin Corp. and Red Man Tool and Supply merged in late 2007. At the time, Goldman Sachs owned a majority share of McJunkin.

McJunkin Red Man is a distributor of industrial and oilfield pipe, valve and fittings in North America, operating 250 locations in the U.S., Canada, Nigeria and Puerto Rico. The company has a significant presence in the oil and gas, chemical and petrochemical, refining processes, power company, manufacturing and mining industries.

According to the SEC filing, the company said it generates about 90 percent of its sales from the energy industry. In the SEC filing, McJunkin …

PVF distributors McJunkin Corp. and Red Man Tool and Supply will merge to form a $3-plus billion company. Private equity has a controlling interest in McJunkin, meaning the deal, to be finalized in September, is probably just the first of many steps in the companies’plans for growth.
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The recently announced merger plan between leading pipe, valve and fittings (PVF) distributors McJunkin Corp. and Red Man Tool and Supply highlights the impact private equity is having in distribution. The deal would form a $3-plus billion company and largest U.S. PVF distributor.

Goldman Sachs owns a majority share of McJunkin, which was family-owned and -founded. One industry expert says the share is close to 60 percent, giving Goldman Sachs a controlling …