Stonepeak Infrastructure Partners sells water transport business
Upper Bay Infrastructure Partners, Ullico, funds and accounts under management by BlackRock, Silverfern, and certain other co-investors have announced that they have acquired Tidewater Transportation & Terminals from Stonepeak Infrastructure Partners.
Tidewater is a multi-commodity transportation and terminal company serving the Pacific Northwest. Headquartered in Vancouver, Washington (USA), the company's operating area spans 465 miles (~750km) 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. Additionally, Tidewater acquired Island Tug and Barge in 2017. Headquartered in Burnaby, British Columbia (Canada), Island Tug and Barge is the West Coast's largest bulk transporter of refined petroleum products.
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.
Transaction terms were not disclosed.
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