BP Energy Partners Acquires Cryopeak LNG Solutions
The private equity firm focused on the energy industry BP Energy Partners (BPEP), LLC announced it has purchased a controlling interest in Cryopeak LNG Solutions Corp, a customer-centric liquified natural gas (LNG) solutions company.
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 will also commit additional capital to Cryopeak to support its continued growth throughout North America.
Cryopeak is focused on providing industrial customers and utilities with access to clean and reliable natural gas in locations where natural gas pipeline services are unavailable, limited or unreliable.
Based in Vancouver, Cryopeak's engineering, design and procurement expertise makes it one of the leading LNG virtual pipeline providers in North America. The company provides safe and reliable LNG virtual pipeline services including LNG procurement, LNG transportation and LNG onsite equipment and support.
"It is great to have BP Energy Partners as a major investor in Cryopeak," says Calum McClure, Chief Executive Officer of 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, says, "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."