New ownership recently took over Ridley Terminals following a competitive sale process undertaken by the Canadian Development Investment Corporation (CDEV).
The new ownership group, first announced in July, includes Riverstone Holdings, AMCI Group, and a limited partnership owned by the Lax Kw’alaams Band and the Metlakatla First Nation.
“This is a business-as-usual transition, as we expect no change to process or operations at Ridley Terminals,” said Bartow Jones, partner and co-head of private equity at Riverstone. “Ridley Terminals will continue to be a key part of Canada’s trade network with the world.”
Hans Mende, co-founder of AMCI, called the ownership group a “unique partnership” that helps ensure the terminal remains sustainable, with open access, for many years.
“The terminal will also continue to be a big part of Prince Rupert’s economy,” Mende maintained.
The competitive sale process began on Nov 5, 2018, following the Canadian government’s engagement and consultation with six First Nations in the area. On July 11, 2019, CDEV announced an agreement had been reached with Riverstone and AMCI for a 90% share in the terminal, with the remaining 10% owned by the limited partnership between Lax Kw’alaams and Metlakatla First Nation.
“With a significant share in RTI, we are continuing our work of enhancing the quality of life for all members of our community,” said Mayor Garry Reece of the Lax Kw’alaams Band. “This is a significant part of building an economically sustainable future for the Lax Kw’alaams Band.”
The new ownership group now runs the world class marine bulk handling terminal, which provides continuous railcar unloading, product storage and vessel loading services. RTI is a key export point for metallurgical and thermal coal, petroleum coke, and liquefied petroleum gas from BC and Alberta to Asia.
RTI also has growth plans, including exploring options for the construction of a second berth adjacent to the current berth, and improvements to its existing railcar unloading facility to meet the short-term increase in throughput demand. In addition, Ridley Island Propane Export Terminal was successfully commissioned in the second quarter of 2019, with volumes steadily increasing, the group maintained.
“We are building a strong future for our community as a major economic force in northwest British Columbia,” said Chief Councillor Harold Leighton of the Metlakatla First Nation. “We believe this partnership is strongly aligned with our principles of sustainable eco-based resource management.”