CorEnergy Infrastructure Trust has acquired Crimson Midstream Holdings for $350 million, adding four critical pipeline systems spanning 1,800 miles across northern, central and southern California, to its portfolio.
Crimson is a California Public Utilities Commission (CPUC) regulated crude oil pipeline owner and operator. CorEnergy said the acquired pipelines connect desirable native California crude production to in-state refineries, producing state-mandated specialized fuel blends as well as other products.
Following the transaction, Dave Schulte will remain chairman, CEO and president of CorEnergy and John Grier, founder and board chairman of Crimson Midstream, will become COO and join CorEnergy’s board of directors.
“The acquisition of Crimson diversifies CORR’s critical infrastructure portfolio with four new pipeline networks and positions CorEnergy as an owner/operator of utility-like assets in line with expectations for our industry-leading REIT q