PRINCE RUPERT, British Columbia, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Following an extensive competitive sale process undertaken by the Canadian Development Investment Corporation (CDEV), new ownership has taken over at Ridley Terminals Inc. (RTI) today. The new ownership group, announced in July, includes Riverstone Holdings LLC, AMCI Group, and a limited partnership owned by the Lax Kw’alaams Band and the Metlakatla First Nation.
“This is a business as usual transition, as we expect no change to process or operations at Ridley Terminals,” said Bartow Jones, Partner & Co-Head of Private Equity, Riverstone Holdings LLC. “Ridley Terminals will continue to be a key part of Canada’s trade network with the world.”
“This is a very unique partnership group that will ensure the terminal continues to be sustainable over the long-term with open access,” said Hans Mende, co-founder of AMCI Group. “The terminal will also continue to be a big part of Prince Rupert’s economy.”
“With a significant share in RTI, we are continuing our work of enhancing the quality of life for all members of our community,” said Mayor Garry Reece of the Lax Kw’alaams Band. “This is a significant part of building an economically sustainable future for the Lax Kw’alaams Band.”
“We are building a strong future for our community as a major economic force in northwest British Columbia,” said Chief Councillor Harold Leighton of the Metlakatla First Nation. “We believe this partnership is strongly aligned with our principles of sustainable eco-based resource management.”
The competitive sale process began back on November 5, 2018, following the Government of Canada’s engagement and consultation with six First Nations in the area. On July 11, 2019, CDEV announced an agreement had been reached with Riverstone Holdings and AMCI Group for a 90 percent share in the terminal, with the remaining 10 percent owned by the limited partnership between Lax Kw’alaams and Metlakatla First Nation.
The new ownership group now runs the world class marine bulk handling terminal, which provides continuous, high-quality and high-performance railcar unloading, product storage, and vessel loading services. RTI is a key export point for metallurgical and thermal coal, petroleum coke, and liquefied petroleum gas from B.C. and Alberta to Asia, operating seven days a week, 24 hours a day.
RTI also has ambitious growth plans, including exploring options for the construction of a second berth adjacent to the current berth, and significant improvements to its existing railcar unloading facility to meet the short-term increase in throughput demand. In addition, Ridley Island Propane Export Terminal was successfully commissioned in the second quarter of 2019, with volumes steadily increasing.
About the Partners
The AMCI Group is a leading privately held owner and operator of global natural resources companies. AMCI was founded in 1986 by Hans Mende and Fritz Kundrun and operates across the energy and metals value chain with a focus on key industrial and energy commodities that are critical to global growth.
Riverstone Holdings LLC
Riverstone Holdings LLC is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with over $39 billion of equity capital raised to date. Riverstone conducts buyout and growth capital investments in the exploration and production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed over $38 billion to more than 160 investments in North America, South America, Europe, Africa, Asia, and Australia.
Lax Kw’alaams Band
Lax Kw’alaams community is located in the northwest coast of B.C., approximately 20 kilometres north of Prince Rupert. The Lax Kw’alaams Band are members of the Nine Tribes of the Coast Tsimshian. The name, Lax Kw’alaams, derives from Laxłgu’alaams, which means ‘place of the small roses’ in Sm’algyax, the language of the Coast Ts’msyen (Tsimshian). For more information visit: laxkwalaams.ca.
Metlakatla First Nation
Metlakatla village is located 5 kilometres north of Prince Rupert, on an ancient site – occupied for thousands of years. The Metlakatla Band are members of the Nine Tribes of the Coast Tsimshian. Metlakatla means ‘saltwater pass’ in Sm’algyax, the language of the Coast Ts’msyen (Tsimshian). For more information visit: metlakatla.ca.