Origin Completes Acquisition of Flex Oil Services to Complement North American Growth Platform
BALTIMORE--(BUSINESS WIRE)--Mar 26, 2019--Origin Americas LLC (“ Origin ”) has completed the acquisition of the assets of Flex Oil Service, LLC and Safeway Oil Recovery (“ Flex Oil ”), one of the largest independent collectors of used automotive oil in the gulf coast.
This represents Origin’s second strategic acquisition over the last year and positions the company as a leading environmental infrastructure and services platform in the United States. In addition to the assets of Flex Oil, Origin owns and operates a nearly 50-acre liquid bulk storage terminal in Baltimore, Maryland with rail, truck, vessel loading and unloading infrastructure, as well as one of the largest used motor oil and lubricant collection businesses in the Mid-Atlantic region.
The acquisition of Flex Oil was funded through Origin’s existing $100 million strategic financial partnership with Orion Energy Partners, L.P. (“ Orion Energy ”) and secured by a long-term offtake agreement from Element Americas Inc.
“We are pleased to add Flex Oil’s strong collection platform to our growing business. Flex Oil enhances our scale and diversifies our geographic footprint in two key North American markets,” said Nicholas Myerson, CEO of Origin.
“The acquisition of Flex Oil is a testament to Origin’s long-term growth plans and ability to execute on strategic acquisitions. We are thrilled to continue our partnership with the team,” said Nazar Massouh, CEO of Orion Energy. “Origin’s expansion into the Texas market is highly complementary to its existing business, and we are excited to continue our partnership as the platform executes on additional strategic growth opportunities.”
McGrath North Mullin & Kratz, P.C., L.L.O. acted as legal advisor to Origin. Latham & Watkins, LLP acted as legal advisor to Orion Energy.
About Origin Americas
Origin Americas seeks to acquire and consolidate strategically-located oil terminals, oil processing facilities, and storage assets throughout North America, Europe and Asia. The firm’s acquisition strategy focuses on waste oil and recycling segments. For more information about Origin, visit www.origin-americas.us. For more information on Origin’s largest shareholder, Element Group SA, visit www.element-alpha.com.
About Orion Energy Partners
Orion Energy Partners is a credit-oriented private equity firm with over US$ 1 billion of investable capital. Orion Energy is focused on providing creative capital solutions to middle market energy infrastructure businesses across North America and select international markets with a focus on downstream, midstream, conventional electric power, renewable energy and storage, asset-heavy energy services and other energy subsectors. Its management has substantial experience leading successful energy companies and energy infrastructure investments. For more information, visit www.OrionEnergyPartners.com.
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CONTACT: Contact information for Orion Energy:
Investor Relations and Business Development
KEYWORD: UNITED STATES NORTH AMERICA MARYLAND
INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY COAL OIL/GAS UTILITIES OTHER ENERGY TRANSPORT RAIL TRUCKING LOGISTICS/SUPPLY CHAIN MANAGEMENT AUTOMOTIVE PROFESSIONAL SERVICES BANKING FINANCE ENVIRONMENT NUCLEAR GENERAL AUTOMOTIVE
SOURCE: Orion Energy Partners
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PUB: 03/26/2019 11:17 AM/DISC: 03/26/2019 11:17 AM