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Laser Northeast Agrees to Sell to Williams Partners for $750 Million


December 22, 2011 - Clarks Summit, PA

Delphi Midstream Partners, LLC announced today that it has entered into a definitive agreement to sell its Laser Northeast Gathering Company, LLC ("Laser") in Pennsylvania and other gathering assets in Texas to Williams Partners for approximately $750 million. Williams Partners plans to fund the purchase price of the acquisition with a combination of $300 million cash and approximately 7.5 million Williams Partners common units. Delphi Midstream Partners is owned by American Securities LLC and management.

Laser is a high pressure gathering system currently comprised of 33 miles of 16-inch natural gas pipeline and associated gathering facilities in Susquehanna County, PA and Broome County, NY. The acquisition is supported by existing long-term gathering agreements that provide acreage dedications and volume commitments. When all phases are complete, the system will comprise over 75 miles of pipeline and total system capacity of 1.3 bcf/d.

"This is a great outcome for Laser and its employees. I am very pleased that our talented and professional team will join the leading company in the industry as valued employees," stated Thomas F. Karam, Chairman & CEO of Laser.

Matthew LeBaron, a managing director of American Securities, commented, "We are pleased to enter into this agreement between Delphi Midstream and Williams Partners. Tom Karam and the Laser management team have worked hard to build a world-class midstream company. This transaction reflects the value created by Delphi Midstream and we look forward to participating in Laser's continued success as Williams Partners shareholders."

Laser Northeast Gathering Company, LLC (Laser), a subsidiary of Delphi Midstream Partners, develops, constructs and operates "midstream" natural gas pipelines. Headquartered in Clarks Summit, Pennsylvania, Laser's management team has over 150 years of pipeline operating experience in Northeastern Pennsylvania. For more information about Laser, please visit www.lasernortheast.com.

Delphi Midstream Partners was founded by Thomas F. Karam and Michael J. Walsh with a capital commitment from American Securities. For more information about Delphi Midstream Partners, please visit our website at www.delphimidstream.com.

American Securities is a leading U.S. middle-market private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. Headquartered in New York with an office in Shanghai, American Securities has approximately $8 billion under management and is currently investing from its sixth fund. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of the Sears, Roebuck & Co. fortune. More information about American Securities can be found at www.american-securities.com.

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