{
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  "documentTitle": "Barclays | Investment Banking Pitch Book | 9 slides",
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  "authorName": "Barclays",
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  "presentationDate": "2018-07-01 00:00:00",
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  "notes": "Includes a diagram of the transaction structure and a table of transaction multiples.",
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      "kind": "diagram",
      "text": "Transaction Structure diagram showing Zenith Energy, Lightfoot Capital, Public Unitholders, Arc Logistics, and GE Energy Financial Services.",
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      "text": "Zenith Energy L.P. and Zenith Energy U.S. GP, LLC (together \"Zenith\") acquired Arc Logistics Partners LP (\"Arc Logistics\") and its general partner, Arc Logistics GP LLC (\"Arc GP\"), which is wholly owned by the sponsor, Lightfoot Capital Partners, LP (\"Lightfoot\"). Zenith acquired all 19.5mm outstanding units of ARCX for ~$312mm in cash. Zenith paid $16.50 per unit for the 14.3mm units held by the public and $14.50 per unit for 5.2mm units held by Lightfoot. As part of the agreement, Zenith agreed to acquire 100% of ARCX's GP interest and IDRs for $94.5mm in cash. Concurrently with the transaction, Zenith agreed to acquire the following additional terminal interests for an undisclosed amount: 9.7% interest in Gulf LNG Holdings Group, LLC and an additional stake in the Joliet terminal jointly-owned with EFS Midstream Holdings LLC, an affiliate of General Electric",
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      "kind": "paragraph",
      "text": "On August 29, 2017, Zenith Energy Management (\"Zenith\") agreed to acquire all of the outstanding LP and GP interests of Arc Logistics Partners (NYSE: ARCX) for ~$657mm as well as additional interests in related equity investments",
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      "text": "Source: Company filings, press releases and Wall Street research. 1. Represents ARCX EBITDA (excluding additional interests in GLNG and Joliet purchased) at the time of transaction per Wall Street research.",
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      "text": "ARXC Transaction Multiples table showing Equity Value, Net Debt, Enterprise Value, and EV/EBITDA multiples for 2017E-2019E.",
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      "text": "Zenith / ARCX Transaction Overview",
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