MVC Affiliate to Acquire Plymouth Rock Energy, Falcon Energy

MVC Private Equity Fund, LP is in the process of acquiring substantial membership interests of the parent of ESCOs Plymouth Rock Energy, LLC and Falcon Energy, LLC.

Specifically, under the contemplated transaction whose terms were not disclosed, "substantial membership interests" and control of Plymouth Rock Energy Parent Holding LLC will be transferred for consideration to MVC Private Equity Fund, LP. MVC Private Equity Fund will also acquire majority control of the boards of directors of Plymouth Rock Energy Parent Holding LLC and its subsidiaries.

The general partner of MVC Private Equity Fund, LP is MVC GP II, LLC, which is an indirect, wholly-owned subsidiary of MVC Capital, Inc.

MVC Capital, Inc. owns 60% of the equity in U.S. Gas & Electric, Inc.

The current owners of Plymouth Rock Energy Parent Holding LLC will only retain voting equity interests, a minority position on the boards of directors of Plymouth Rock Energy Parent Holding LLC and its subsidiaries, and the day-to-day management of Plymouth Rock Energy Parent Holding LLC and its subsidiaries.

Plymouth Rock Energy Parent Holding LLC indirectly owns all of the issued and outstanding membership interests in Plymouth Rock Energy, which markets retail electricity and natural gas in New York and New Jersey

Additionally, Plymouth Rock Energy Parent Holding LLC wholly owns Falcon Energy LLC, a New York retail natural gas supplier.

Plymouth Rock Energy Parent Holding LLC also owns various retail heating oil and equipment distributors in New York.

FERC granted approval for the transaction yesterday. FERC approval was required due Plymouth Rock Energy's market-based rate authority.