ARB Midstream LLC said Sept. 15 it acquired Sunwest Canada Ltd., a crude oil marketing and trading company.
Sunwest’s new name will be ARB Midstream Logistics Canada ULC.
Sunwest currently markets more than 20,000 barrels per day of crude oil through Canadian and U.S. pipeline systems.
Existing Sunwest management will be retained by ARB Midstream and will continue to oversee Canadian operations.
The acquisition was partly financed through debt drawn on a new US$52.5 million credit facility with Macquarie Bank Ltd., and also by an additional equity commitment from BV Natural Resources LLC, ARB’s private-equity sponsor. BV’s total contributions to ARB now total US$45 million.
Adam Bedard, ARB’s CEO, said it is only the company’s first year of operations. The acquisition diversifies its business operations, increases its market reach in Canada and adds long-term contracted earnings.
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