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, 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.