Tidewater Midstream and Infrastructure Ltd. entered into two acquisition agreements with vendors to acquire a 100% working interest in a gas processing facility and related pipelines and infrastructure for approximately $17 million, as well as the acquisition of a retail propane business for approximately $5.2 million

The gas plant acquisition includes a five year propane supply deal with the vendor and creates significant synergies with the retail propane acquisition. It is estimated that the acquisitions will generate annualized EBITDA of approximately $3.7 million resulting in an attractive acquisition multiple of approximately 6x EBITDA including related synergies identified by management.

In addition, Tidewater established a credit facility of $70 million, with National Bank Financial serving as lead arranger and sole bookrunner. ATB Financial will also act as a lender under the credit facility.

The retail propane acquisition is expected to close promptly and the gas plant acquisition is expected to close in mid-November.