New ownership at Ridley Terminals Inc. takes effect today
Prince Rupert, B.C., December 19, 2019 — 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.