TransMontaigne Partners recently completed the acquisition of SeaPort Financing, a portfolio company of ArcLight Energy Partners Fund VI.
SeaPort is a critical infrastructure company with significant operations across the renewable fuels supply chain in the U.S. Pacific Northwest, TransMontaigne said.
As a result of the transaction, TransMontaigne acquired a 100% membership interest in SeaPort Sound Terminal, which owns a liquid products terminal in Tacoma, Wash., a 51% membership interest in SeaPort Midstream Partners, which owns liquid products terminals in both Seattle and Portland, and a 30% membership interest in Olympic Pipeline Company, which owns the Olympic Pipeline between Blaine, Wash., and Portland.
“TransMontaigne is delighted to complete the acquisition of SeaPort,” said Fred Boutin, CEO of TransMontaigne. “This transaction enables us to expand our geographic reach to the U.S. Pacific Northwest through critical and highly contracted infrastructure assets, while also accelerating TransMontaigne’s progression as a leader in the growing renewable fuels logistics space.
“This group of high-quality assets positions TransMontaigne as the only independent terminal operator with operations in every major market within the Pacific Northwest. Notably, the SeaPort Sound Terminal in Tacoma, Wash., owns the only independent end-market unit train facility in the Puget Sound and has a critical role in the growing renewables supply needs of the region.”
Added George Yong, managing director of ArcLight: “ArcLight has created a unique renewable fuels infrastructure platform in SeaPort. We strongly believe that TransMontaigne is ideally positioned to lead SeaPort into its next phase of growth and success. This transaction is yet another example of ArcLight’s ability to play a critical role in the infrastructure ecosystem in the face of the rapidly evolving energy transition.”