According to the statement, Cryopeak will become a portfolio company in BPEP’s second private equity fund, BP Natural Gas Opportunity Partners II, LP. In addition to the controlling interest acquisition, BPEP claims that it will also commit further capital to Cryopeak to support its continued growth throughout North America.
Cryopeak provides industrial customers and utilities with access to clean and reliable natural gas in locations where pipeline services are unavailable, limited or unreliable. The company is based in Vancouver, Canada, and is one of the leading LNG virtual pipeline providers in North America. It provides safe and reliable LNG virtual pipeline services, including LNG procurement, LNG transportation and LNG onsite equipment and support.
The CEO of Cryopeak, Calum McClure, said: “It is great to have BP Energy Partners as a major investor in Cryopeak.
“BP Energy Partners' investment provides Cryopeak the capital to grow the business providing our customers with a cleaner, lower cost fuel. The team at BP Energy Partners has great experience in energy investments and we look forward to Cryopeak continuing to grow as a leader in the small scale LNG industry.”
Michael Watzky, Managing Partner at BPEP, added: “The Cryopeak transaction is an exciting addition to the BPEP platform. Calum and his team have demonstrated an excellent ability to provide LNG services and equipment and we look forward to partnering with them to grow the business.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/09012019/bpep-purchases-controlling-interest-in-cryopeak-lng-solutions/