Birch Hill closes acquisition of certain midstream assets from AltaGas

CPE Media News (2/4/2019) – Birch Hill Equity Partners, through Campus Energy Partners LP, a newly formed private entity owned by Birch Hill Equity Partners Fund V, has completed the acquisition of certain natural gas midstream, power, and commercial and industrial marketing assets from AltaGas Ltd. (TSX: ALA)

In September 2018, Birch Hil entered into an agreement to acquire from AltaGas selected gas midstream and power assets in Canada, as well as AltaGas’ commercial and industrial customer portfolio in Canada, for an aggregate purchase price of approximately $165 million. The transaction also included the acquisition of 43.7 million shares of Tidewater Midstream and Infrastructure Inc. (TSX: TWM) held by AltasGas at $1.45 for $63,370,178 in cash.

The Tidewater share acquisition closed on September 14, 2018. Birch Hill did not say if the Tidewater share ownership has been transferred to Campus Energy Partners.

Campus Energy will be headquartered in Calgary and led by Jeremy Baines, newly appointed President & CEO. Baines was formerly Senior Vice President of Strategic Projects with AltaGas.

photo credit: Campus Energy Partners

News Release

CAMPUS ENERGY PARTNERS TAKES OWNERSHIP OF CERTAIN ALTAGAS ENERGY INFRASTRUCTURE AND SUPPLY ASSETS

Calgary, AB – February 1, 2019: Campus Energy Partners LP (“Campus Energy” or the “Company”) today announced the closing of the acquisition of certain natural gas midstream, power, and commercial and industrial marketing assets from AltaGas Ltd. (“AltaGas”).

Campus Energy Partners is a newly formed private entity owned by Birch Hill Equity Partners (“Birch Hill”).

The Company’s energy infrastructure assets are located throughout Western Canada and include two natural gas transmission pipeline systems, five natural gas gathering and processing facilities, an LNG processing facility, and two power peaking units. Its energy supply solutions include providing natural gas and electricity to customers in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario.

Campus Energy will be headquartered in Calgary and led by Jeremy Baines, newly appointed President and Chief Executive Officer. Baines was formerly Senior Vice President of Strategic Projects with AltaGas.

“We are a new company at Campus Energy, but we also have a long history of serving customers with energy solutions. As Campus Energy, we will continue to operate safely, provide customers with creative solutions, and be a contributor to the communities where we operate. We’ll also be actively seeking opportunities to grow our business both organically and through acquisitions,” said Baines.

“It’s an exciting time for Birch Hill when we add a new partner company. We look forward to working with Jeremy and his team of talented people at Campus Energy to build on their past successes as part of AltaGas. The new company has a strong base of assets and operations to build from so we look forward to expanding their customer reach and supporting their future growth plans,” said Michael Salamon, a Partner with Birch Hill.

Additional information on Campus Energy can be found at www.campusenergy.ca.

About Birch Hill Equity Partners

With over $3 billion in capital under management, 17 partner companies and 45 fully realized investments since 1994, Birch Hill is the leader in long-term value creation in the Canadian mid-market. For more information about Birch Hill Equity Partners, please visit www.birchhillequity.com.

Contact:
Jeremy Baines – President and CEO – Campus Energy Partners
(403) 206-2832

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