Press release
Fortress Transportation and Infrastructure Investors LLC Announces Sale of 49.9% Interest in Long Ridge Terminal LLC
NEW YORK, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the “Company”) today announced that it has
About this update from Ftai Aviation Ltd.
[{"type":"text","content":"NEW YORK, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the “Company”) today announced that it has sold a 49.9% interest in Long Ridge Terminal LLC (“Long Ridge”) to the Labor Impact Fund, L.P., a fund managed by GCM Grosvenor (“GCM”) for $150 million in cash, plus an earn-out.\n Long Ridge, an industrial port and rail terminal located in Hannibal, Ohio, is the site of a new 485 MW combined cycle gas-fired power plant currently under construction and scheduled to be completed and operational by November 2021. Commenting on the closing, FTAI CEO Joe Adams, said, “We are excited to enter into this strategic partnership with GCM who brings exciting complementary capabilities and relationships to our development of Long Ridge. We are pleased to be able to recycle capital from infrastructure assets under construction into new accretive investments while continuing to realize gains from our development activities.” “We are excited to invest in Long Ridge Energy Terminal and have the opportunity to partner with FTAI on what will be one of the most efficient natural gas-powered plants in North America,” said Michael Sacks, Chairman and CEO of GCM Grosvenor. “We believe Long Ridge will serve as a reliable low-cost energy provider to the region and, equally important, as a hub for new jobs and economic development.\" Citi served as sole financial advisor to the Company on the transaction. About Fortress Transportation and Infrastructure Investors LLCFortress Transportation and Infrastructure Investors LLC (“FTAI”) owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. About Long Ridge Energy TerminalThe Long Ridge Energy Terminal is the Appalachian Basin’s leading multimodal energy terminal with a 485 MW power plant under development, nearly 300 acres of flat land, two barge docks on the Ohio River, a unit train capable loop track and direct access to Ohio Route 7. Long Ridge is a subsidiary of FTAI. For more information on Long Ridge, plea...