In August 2014, Warburg Pincus led a $600 million line-of-equity commitment to Zenith Energy, an early-stage midstream company focused primarily on international liquids and bulk storage terminals with an emphasis on the Atlantic Basin. The company is led by CEO Jeff Armstrong, the former President of Kinder Morgan’s terminals business unit. Under Armstrong’s leadership, Kinder Morgan developed the largest terminals business in North America. Jeff is joined by Jay Reynolds, who previously was COO of Lukoil Pan Americas, as well as other senior executives.
In February 2015, Zenith announced its acquisition of Phillips 66’s liquids storage terminal (8.4 million barrels capacity) located in Bantry Bay, Ireland. In addition, the company has begun construction on a crude and refined products terminal in Colombia. Management is actively evaluating a number of acquisition and development opportunities across the Atlantic Basin.