TORONTO, September 10, 2018 – Birch Hill Equity Partners Management Inc., as general partner of each of Birch Hill Equity Partners V, LP, Birch Hill Equity Partners (US) V, LP and Birch Hill Equity Partners (Entrepreneurs) V, LP (collectively, “Birch Hill”), announced today that it has agreed to purchase 43,703,571 common shares (the “Purchased Shares”) of Tidewater
Midstream and Infrastructure Ltd. (TSX: TWM) (“Tidewater”) from AltaGas Processing Partnership (“AltaGas”) pursuant to a share purchase agreement. The Purchased Shares will be acquired for cash consideration of $1.45 per Purchased Share and $63,370,178 in total. The purchase and sale of the Purchased Shares is expected to close on September 28, 2018 or on
such earlier date as may be agreed to between Birch Hill and AltaGas.
The Purchased Shares represent approximately 13.3% of the issued and outstanding common shares of Tidewater. Birch Hill currently owns 29,828,700 common shares of Tidewater, representing approximately 9.1% of the issued and outstanding common shares of Tidewater. Immediately after completion of the transaction, Birch Hill will own 73,532,271 common shares of Tidewater, representing approximately 22.3% of the issued and outstanding common shares of Tidewater.
Birch Hill is acquiring the Purchased Shares for investment purposes. Depending on market conditions and ot