April 10, 2018 [Oil & Gas 360] - Origin Americas LLC (“Origin Americas”) announced today the acquisition of terminal, processing, and storage assets located in Baltimore, Maryland (the “Baltimore Assets”).
Origin Americas is a newly formed North American acquisition vehicle controlled by the Element Group, an independent Houston and Geneva-based physical oil trading firm.
With the completion of the Baltimore Assets acquisition, Origin Americas owns and operates a nearly 50-acre liquid bulk storage terminal with rail, truck, vessel loading and unloading infrastructure, as well as one of the largest used motor oil and lubricant collection businesses in the Mid-Atlantic region.
To fund the acquisition of the Baltimore Assets and to provide ready capital to finance future growth opportunities, Origin Americas has closed a $100 million strategic financing partnership with Orion Energy Partners, L.P. (“Orion Energy”), along with equity funding from a group of experienced energy investment and commodities trading veterans.
“We are excited to launch the Origin Americas platform with the acquisition of such a strategic and high-quality business in Baltimore. We look forward to building upon the Baltimore Assets acquisition and continuing to execute on our growth strategy with the support of Orion Energy Partners,” said Nicholas Myerson, CEO of Origin Americas.
“Orion Energy is thrilled to announce this new partnership with Origin Americas. This investment highlights Orion Energy’s ability to combine energy infrastructure expertise and creative acquisition capital solutions for our partners to support their long term business goals,” said Nazar Massouh, CEO of Orion Energy.
McGrath North Mullin & Kratz, P.C., L.L.O. acted as legal advisor to Origin Americas. Latham & Watkins, LLP acted as legal advisor to Orion Energy.
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