IFM Investors has completed the acquisition of Buckeye Partners, adding one of the largest diversified networks of integrated midstream assets to IFM’s energy infrastructure investments portfolio.
Buckeye’s assets include 6,000 miles of pipeline, with more than 100 delivery locations and 115 liquid petroleum products storage terminals with aggregate capacity of more than 118 million barrels. Additionally, Buckeye comprises a network of marine terminals located primarily in the East and Gulf Coast regions of the US as well as in the Caribbean.
The acquisition is aligned with IFM’s focus on investing in high-quality, essential infrastructure assets that underpin the economies in which they operate.
Jamie Cemm, executive director for IFM, says: ‘Buckeye represents a natural extension of IFM’s expertise in investing in, operating and growing essential midstream energy infrastructure in North America. Buckeye is a great company with a rich history, and we look forward to steering the team and company through the next phase of the US and global energy evolution.’
Under the terms of the merger agreement, a wholly owned subsidiary of the IFM Global Infrastructure Fund, advised by IFM merged with an into Buckeye, with Buckeye surviving the merger as a wholly owned subsidiary of the fund.
‘The completion of this transaction marks a significant milestone in Buckeye’s 133-year history,’ says Clark Smith, president and CEO of Buckeye. ‘This ownership structure will provide Buckeye with superior access to capital to execute on its long-term business strategy, and we look forward to working with IFM during this next chapter in Buckeye’s story.’