Zenith Energy U.S. Completes Acquisition of ARC Logistics Partners
Arc Logistics Partners becomes wholly owned subsidiary of Zenith U.S.
Zenith Energy has announced the completion of the previously-announced acquisition of Arc Logistics Partners LP (“Arc Logistics”) and its general partner, Arc Logistics LLC. Zenith is a U.S. midstream terminal company formed by the management and certain owners of Zenith Energy, L.P. (“Zenith International”). As a result of the transaction, Arc Logistics is now a wholly owned subsidiary of Zenith and Zenith U.S. GP, LLC (together, “Zenith U.S.”).
“We are very pleased to have successfully completed the acquisition of Arc Logistics, which gives us a strong foothold into the U.S. terminaling market with 21 terminals in 12 states, providing critical services to a broad range of customers in key markets across the country,” said Jeff Armstrong, Chief Executive Officer of Zenith. “We look forward to welcoming the employees of Arc to Zenith U.S. and benefitting from our shared industry expertise, best-in-class services and a global footprint to serve our combined customer base.”
Moving forward, Zenith U.S. intends to further develop Arc’s existing terminals and focus on new developments throughout North America. Zenith International will continue to pursue further expansion opportunities in key international markets. Zenith International currently owns and operates terminaling assets in Amsterdam, the Netherlands, and the Bantry Bay terminal in West Cork, Ireland, as well as a multi-product liquids terminal in Palermo, Columbia, formed through a joint venture with Grupo Coremar in 2014.
Barclays and Credit Suisse acted as financial advisors to Zenith U.S. and Barclays, Credit Suisse and HSBC provided committed financing for the transaction. Kirkland & Ellis LLP acted as legal advisor to Zenith U.S.