BOSTON, Aug. 7, 2017 /PRNewswire/ -- ArcLight Capital
Partners announced today that one of its affiliates signed
definitive agreements with BP West Coast Products LLC, as a result
of which they will enter into a joint venture across refined
product logistics infrastructure assets in the US Pacific
Northwest.
The JV will be anchored initially by the acquisition of two
large-scale refined product terminals in Seattle, Washington and Portland, Oregon. The transaction is
expected to close in late 2017, subject to customary
approvals. TLP Management Services LLC, an ArcLight
affiliate, will operate the terminals under a multi-year operating
agreement. Separately, ArcLight intends to grant
TransMontaigne Partners LP (NYSE: TLP), also an ArcLight affiliate,
a right of first offer to purchase ArcLight's interest in the
JV.
ArcLight is one of the leading private equity firms focused on
energy infrastructure investments. Founded in 2001, the firm helped
pioneer an asset-based private equity approach to investing in the
dynamic energy sector. ArcLight has invested approximately
$18 billion in over 100 transactions
since inception. Based in Boston,
the firm's investment team employs a hands-on value creation
strategy that utilizes our in-house technical, operational, and
commercial specialists as well as the firm's 750-person asset
management affiliate. More information about ArcLight, and a
complete list of ArcLight's portfolio companies, can be found at
www.arclightcapital.com.
View original
content:http://www.prnewswire.com/news-releases/arclight-capital-to-enter-into-joint-venture-with-bp-west-coast-products-llc-300500451.html
SOURCE ArcLight Capital Partners