Epic Midstream News
Blue Water Energy Completes Acquisition of Refined Products Terminals to Cornerstone the Epic Midstream PlatformBack to News
We are pleased to announce that Blue Water Energy has partnered with White Deer Energy to acquire a 100% interest in five refined products storage terminals located in the southeastern United States. The terminals will be directly held by Epic Midstream LLC (“Epic Midstream”), a recently-formed midstream investment.
We are pleased to announce that Blue Water Energy has partnered with White Deer Energy to acquire a 100% interest in five refined products storage terminals located in the southeastern United States. The terminals will be directly held by Epic Midstream LLC (“Epic Midstream”), a recently-formed midstream investment platform focused on acquiring and enhancing primarily water-based hydrocarbon storage assets. Epic Midstream’s senior management team includes experienced industry executives from BORCO, Vopak and Marathon Oil.
The assets include one water-based terminal in Savannah, Georgia and four jet fuel terminals. In total, the terminals include 65 storage tanks with over 1.5 million barrels of active refined products storage capacity and one refined product pipeline.
The transaction was led by Blue Water Energy, a recently formed London-based energy private equity firm founded by Thomas Sikorski, Jerker Johansson and Graeme Sword. Mr. Sikorski previously worked closely with and was a partner of White Deer principals Ben Guill and Joe Bob Edwards. Mr. Sikorski, who will serve as the Chairman of Epic Midstream, has extensive experience in the terminal and logistics space. Previously, he spearheaded the acquisition of the BORCO terminal in the Bahamas and led the growth of that asset into the largest refined products terminal on the eastern seaboard.
Mr. Sikorski commented, “This acquisition is an excellent investment to launch the Epic Midstream platform, particularly given the strong growth and strategic nature of the Port of Savannah. We believe this location will serve as an important market for refined product imports given the proposed deepening of the Savannah Harbor to 48 feet.” He added, “We are excited to be working with a talented management team and it is particularly good to be working again with Jim Miller, who led the successful marketing effort at BORCO.”
Blue Water Energy believes that the Epic Midstream platform represents a unique opportunity to enter the terminal and logistics business alongside a proven management team with an ability to execute a buy-and-build strategy consistent with past successes. Epic Midstream intends to build on this cornerstone transaction and to leverage a series of proprietary acquisition opportunities to create a network of waterborne terminals serving the East Coast and Gulf Coast of the United States.