Kirkland & Ellis LLP is representing Arc Logistics Partners LP (NYSE: ARCX), an affiliate of Lightfoot Capital Partners, which today announced that, through a joint venture arrangement with GE Energy Financial Services, a unit of General Electric Company (NYSE: GE), Arc has agreed to acquire all of the membership interests of Joliet Bulk, Barge & Rail LLC (JBBR) from CenterPoint Properties Trust for $216 million. JBBR’s principal assets consist of a crude oil unloading terminal and a four-mile crude oil pipeline, the Joliet Terminal, which are in the final stages of construction in Joliet, Illinois, and are expected to be complete in mid to late April 2015.
At the closing of the acquisition, Arc Logistics will manage ongoing operations of the Joliet Terminal and own a 60 percent interest in the JBBR joint venture company. GE Energy Financial Services will own the remaining 40 percent. More information on the transaction is available here.
The Kirkland team is led by Houston-based corporate partners Anthony Speier and John Pitts, and associates Max Klupchak and Kristin Bachmann. Others on the team include debt finance partner Judson Oswald and associate Chad Nichols, real estate partner Roberto Miceli and associate Dustin Paige, environmental partner Paul Tanaka and associate Alexandra Farmer, tax partners Ilan Napchan and Thomas Evans, competition partner Ellen Jakovic, and capital markets partner Matthew Pacey and associate Michael Rigdon.