Kyle Cruz, Centerbridge Tumblr Blog

As part of Centerbridge Partners, Kyle Cruz leads, originates and evaluates investments across the industrial and energy sectors of the economy with both a private equity and credit investing orientation. Mr. Cruz currently serves on the boards of several privately-held companies including Aquilex, Wastequip, Penhall, and Seitel. Mr. Cruz also serves on the board of the New York Police and Fire Widows' and Children's Benefit Fund, serving as a member of its investment committee. This charity provides support for the families of public servants who have died in the line of duty.

[kylecruzcenterbridge]

Inner-City Scholarship Fund Offers Support Tailored to Individual Need

ICSF works with a diverse group of volunteers to better serve the New York City community. Volunteers come from all walks of city life and share a common commitment to improve the circumstances of the city’s youth. Kyle Cruz of Centerbridge Partners is an example of such a volunteer who has worked with the group for over 8 years to help support a student obtain a high quality education through the Inner-City Scholarship Fund. The fund makes it possible for families from some of New York’s most underserved neighborhoods to send their children, from kindergartners to 12th graders, to well-resourced Catholic schools. The organization’s leaders believe that a high-quality, value-rich Catholic school education should be the birthright of all children, not just those from affluent homes. Inner-City’s leaders understand that, because every child is an individual, there should be a variety of types of scholarship programs available to meet different needs. Therefore, they maintain the Cardinal’s Scholarship Program, which offers need-based help with tuition when children transfer from the public elementary school system into the Archdiocese of New York’s system. Inner-City also offers an Emergency Tuition Assistance plan, a one-time award to families experiencing unanticipated financial problems. By helping students stay in their private schools, these grants promote educational and family stability during rough times. Moreover, the organization offers grants to high school-bound graduates of local Catholic schools, as well as donor-directed, merit-based scholarships.

[kylecruzcenterbridge]

Seitel's Seismic Data Library Essential to Hydrocarbon Development

Kyle Cruz serves as a senior managing director with Centerbridge Partners, a New York City private investment firm with more than $20 billion in capital under management. Kyle has been a member Seitel's Board of Directors since 2011, when Centerbridge bought a minority interest in the company. Seitel, Inc., maintains a library of seismic data for the oil and gas industry within North America. Data products for oil and gas exploration companies are a critical tool for the development and management of petroleum reserves. Seitel's data library has both onshore and offshore data with 3D and 2D seismic information. Seitel's seismic data library contains over 1 million linear miles of 2D seismic data, in addition to the more than 43,000 square miles of 3D seismic data across both the United States and Canada. Seitel licenses the seismic data to over 1,600 companies that serve in the oil and gas industry.

[kylecruzcenterbridge]

Centerbridge Partners Acquires Aquilex

Aquilex Holdings LLC (“Aquilex” or the “Company”) today announced that it has successfully completed a consensual financial restructuring with holders of its first-lien debt, second-lien debt and 11⅛% senior notes due 2016. As a result of a debt-for-equity exchange and an $80 million equity investment, Aquilex has reduced its debt by over $300 million. The Company is now majority owned by affiliates of Centerbridge Partners, L.P. (“Centerbridge”).

Concurrently with the completion of the financial restructuring, Bill Varner has announced his retirement as the Company’s President and Chief Executive Officer. “I am proud to have been part of Aquilex’s growth and evolution into an industry leader,” said Mr. Varner. “The substantial investment by our new shareholders demonstrates their confidence in the Company’s management team, business plan, and growth opportunities ahead.”

In connection with the restructuring, Aquilex has announced the appointment of Donovan Boyd as Chairman of the Board of Directors of the Company. Mr. Boyd previously served as the Chairman and Chief Executive Officer of HydroChem Industrial Services, Inc., which was acquired by Aquilex in 2007 and currently constitutes the Company’s Industrial Cleaning Division. Mr. Boyd currently serves on the Boards of Directors of Brand Energy and Infrastructure and B&G Crane Service, LLC.

“I am very pleased to lead and support Aquilex as we continue to deliver innovative and high-quality integrated solutions to our customers and exceptional safety processes for our employees and customers,” stated Mr. Boyd. “I am confident that with our strong balance sheet and new equity partners, Aquilex is well positioned for long-term growth.”

Kyle N. Cruz, a Managing Director at Centerbridge, said: “We thank Bill for his leadership and commitment to the business throughout the restructuring process. Going forward, we are eager to work with Donovan and the Aquilex management team to start a new chapter for the Company. Our plan calls for a substantial investment in the business, which we expect will generate meaningful value and growth for Aquilex’s customers, employees and other stakeholders.”

Rothschild, Inc. is acting as financial advisor and investment banker and Richards, Layton & Finger is acting as legal advisor to Aquilex in connection with the restructuring. Alvarez & Marsal is acting as restructuring advisor to the Company. Kirkland & Ellis LLP is acting as legal advisor to Centerbridge in connection with the restructuring.

About Aquilex

Aquilex Holdings LLC is the parent of Aquilex LLC, a leading provider of critical maintenance, repair and industrial cleaning solutions to the energy industry. Through our divisional and branch offices in the United States, Europe and the Middle East, we provide our services to a diverse global base of over 600 customers, primarily in the oil and gas refining, chemical and petrochemical production, fossil and nuclear power generation and waste-to-energy industries.

About Centerbridge

Centerbridge Partners, L.P. is a private investment firm based in New York City and currently has approximately $17 billion in capital under management. The firm focuses on private equity and credit investments. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.