Victory Energy Announces the Completion of its Growth Initiatives Objectives
President and CEO
COLLINSVILLE, Okla., November 26, 2012— Victory Energy Operations, LLC ("Victory" or the "Company") is pleased to announce that it has completed a majority recapitalization with Saw Mill Capital Partners L.P. ("Sawmill") in partnership with John Viskup, Victory's Founder, President and Chief Executive Officer.
Mr. Viskup remains a significant owner of Victory and will continue to serve as the Company's President and CEO.
Victory's alignment with Saw Mill, the former owners of Global Power Equipment Group ("Global Power"), positions it well to continue its impressive growth by introducing new products, entering new end-use markets and expanding its international presence. Gulf Star Group, a leading middle-market investment bank based in Houston, served as Victory's exclusive financial advisor in the transaction with SawMill.
“I am thrilled to continue the exceptional growth Victory has enjoyed with a strategic partner that will bring not only fresh capital in support of our programs but also new resources that will accelerate our growth initiatives,” commented John Viskup.
In conjunction with this partnership, Larry Edwards, the former President, CEO and Chairman of Global Power, has agreed to join the Victory team and will serve on its Board. Prior to his role at Global Power, Mr. Edwards served as the president of Jason Incorporated's power generation division, the predecessor of Global Power.
Mr. Edwards will assist the Company with its strategic direction, business development and international expansion activities in the Power markets.
In the future, Victory plans to build upon its technology platform, focusing on ways that its products and services can further benefit the global energy markets. Since the Company’s founding, the Victory team has sought and developed innovative solutions to deliver market leading value to its customers. Victory will continue its mission of delivering innovative, value-added products and services to its customers with the addition of its new financial and strategic partners.
Viskup commented, “Our success continues to be possible because of our employees, our representatives and our customers. We continually inspire our team to assist in the development of new products and technologies. Together, our team has had a hand in improving the performance of our global power industry — one customer at a time.”
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