THE WOODLANDS, TX – 5/1/18 – NorthStar Midstream (“NorthStar”), a portfolio company of funds managed by Oaktree Capital Management, L.P. (“Oaktree”), announced today the sale of its NorthStar Port Arthur Terminal (the “Terminal”) to a subsidiary of Colonial Pipeline Company. The Terminal is a newly-constructed marine-export facility strategically located along the Port of Port Arthur in Port Arthur, TX with significant marine loading capabilities and pipeline connectivity to the Port Arthur refining complex.
Tim Casey, CEO of NorthStar explained, “We’re pleased to announce another transaction for the NorthStar platform. Our entire team is proud of the quality and capabilities of the terminal built in Port Arthur and the strong relationships we’ve developed with the local refinery community and the Port of Port Arthur. Colonial brings significant industry experience to manage the Terminal over the next phase of its life cycle.”
Simmons & Company International, Energy Specialists of Piper Jaffray served as the exclusive financial advisor to NorthStar and Oaktree. Vinson & Elkins LLP served as NorthStar and Oaktree’s legal counsel.
About NorthStar Midstream
NorthStar is a diversified logistics company providing flexible crude oil, sand, liquefied natural gas (“LNG”) and refined product logistics services, including storage and transportation solutions, to the North American energy industry. NorthStar’s assets include a 375-acre crude oil and sand logistics transloading and transportation terminal with 500,000 barrels of crude storage located in East Fairview, ND, a crude oil terminal with 160,000 barrels of crude storage located in Alexander, ND, a 23-mile, FERC-regulated crude oil pipeline located in McKenzie County, ND providing access to the Dakota Access Pipeline via the terminals in East Fairview and Alexander, a marine terminal located in Port Comfort, TX and an LNG production facility and marine loading dock at Dames Point in Jacksonville, FL. For more information, visit www.northstarmidstream.com.
Oaktree is a leader among global investment managers specializing in alternative investments, with $121 billion in assets under management as of March 31, 2018. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
For further information please contact:
Erik Ludtke – SVP Commercial and Business Development