Jamieson is pleased to announce that it has advised the management team of Kellas Midstream on the acquisition of a majority stake in the business by BlackRock’s Global Energy & Power Infrastructure Fund III and GIC, in a joint venture, from Antin Infrastructure Partners. The transaction is expected to close in early 2020. No financials have been disclosed.
Kellas Midstream owns and operates key gas infrastructure in the UK Central and Southern North Sea. Kellas Midstream comprises: (i) the Central Area Transmission System (‘CATS’): a major gas transportation and processing system which takes gas from the Central North Sea to the CATS reception and processing terminal at Teesside in the North East of England; (ii) the Esmond Transportation System (“ETS”): a key subsea pipeline in the Southern North Sea connecting four producing fields to the Bacton gas terminal on the North Sea coast; and (iii) the Humber Gathering System (“HGS”): a first-of-its-kind greenfield project to build the infrastructure required for the development of the large Tolmount gas field in the Southern North Sea.
Andy Hessell, Kellas Midstream’s Managing Director, said: "We thank Antin for their significant support over the past five years. GIC and the BlackRock GEPIF team recognise the growth potential of the business we have built and share our strategy to continue to invest, grow and build our portfolio of midstream assets and serve all our customers in the North Sea. We look forward to working with our new partners. We have also appreciated the great support we received from Andrew Cox and the Jamieson team throughout this sale process.”
Andrew Cox, Stephen Maxwell, Jack Yang and Daniel Meschaninov advised Andy Hessell and the management team on their reinvestment in the new structure as well as the terms of the new management equity incentive.