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New owners take over Ridley Terminals coal, gas export business


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New owners take over Ridley Terminals coal, gas export business

A new group of owners took over Ridley Terminals Inc., a key export point for metallurgical and thermal coal, petroleum coke and liquefied petroleum gas from Canada to Asia.

The new owners, as of Dec. 19, include Riverstone Holdings LLC, AMCI Group and a limited partnership owned by the Lax Kw'alaams Band and the Metlakatla First Nation. The Prince Rupert, British Columbia, facility was sold through a competitive sale process led by the Canadian Development Investment Corp. that began in November 2018.

Bartow Jones, partner & co-head of private equity for Riverstone Holdings, said in a news release that the transition would feature "business as usual" with no expected changes to process or operations at the terminals.

The agreement gives Riverstone Holdings and AMCI Group a 90% share in the terminal, with the remaining 10% owned by the limited partnership between Lax Kw'alaams and Metlakatla First Nation. The marine bulk handling terminal provides continuous railcar unloading, product storage and vessel loading services.

The owners are exploring options for the construction of a second berth adjacent to its current berth as well as significant improvements to the existing railcar unloading facility to meet a short-term increase in throughput demand.