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Upper Bay Leads Investor Group for the Acquisition of Tidewater Transportation and Terminals
Friday 22 February 2019

22 February 2019 - US-based Upper Bay Infrastructure Partners, Ullico, funds and accounts under management by BlackRock, Silverfern, and certain other co-investors have acquired Tidewater Transportation and Terminals from Stonepeak Infrastructure Partners, the group said.

Tidewater, founded in 1932, has evolved into a multi-commodity transportation and terminal company serving the diverse and evolving transportation needs of the Pacific Northwest.

Headquartered in Vancouver, Washington, the company's operating area spans 465 miles on the Columbia and Snake River system extending from the port of Astoria on the Oregon coast to the inland port of Lewiston in Idaho.

In 2014, Tidewater acquired Vancouver-based West Coast Marine Cleaning, adding industrial cleaning, containment and disposal to their services in the Pacific Northwest.

Additionally, Tidewater acquired Island Tug and Barge in 2017. Headquartered in Burnaby, British Columbia, Island Tug and Barge is the West Coast's largest bulk transporter of refined petroleum products.

Transaction terms were not disclosed.

Bracewell LLP served as lead legal advisor for Upper Bay. Evercore acted as financial advisor to Stonepeak, and Tonkon Torp LLP acted as lead legal advisor.
Details
Date Published: 22/02/2019
Target: Tidewater Transportation and Terminals
Country: USA
Sector: Water Transport
Type: JV
Financing:
Status: Closed
Vendor: Stonepeak Infrastructure Partners
Buyer: Upper Bay Infrastructure Partners, Ullico, funds and accounts under management by BlackRock, Silverfern, and certain other co-investors
Buyer Advisor: Bracewell LLP , Evercore , Tonkon Torp
Comment:
Terms of the deal were not disclosed

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