In 2014, Warburg Pincus partnered with CEO Jeff Armstrong, the former President of Kinder Morgan’s terminals business unit, to form Zenith Energy, a midstream company that provides liquid and bulk storage terminalling services across the Atlantic basin. Zenith was established to pursue two strategies: in Europe, acquiring and commercializing assets previously owned by traders and major oil companies, and in the United States, capitalizing on divestitures from Master Limited Partnerships to buy strategic terminals assets at attractive valuations. In 2015, Zenith acquired Phillips 66’s liquids storage terminal in Bantry Bay, Ireland, which serves as a critical hub of Ireland’s strategic storage and broader European crude oil import infrastructure. Zenith subsequently acquired BP’s Amsterdam, Netherlands facility in 2016, transforming the terminal from a captive, one-customer facility to a premier gasoline blending and trading platform. In 2017, Zenith completed the take-private of Arc Logistics Partners, acquiring a portfolio of 21 terminals and a liquefied natural gas facility across 12 states.
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