With a network of nearly 5,600 miles of pipeline under operation, Colonial Pipeline is the largest refined petroleum products pipeline in North America. Colonial has a history of stable earnings and cash flow growth, a strong commitment to environmental and workplace safety, and enjoys access to attractive sources of supply and end-market connectivity.
In October 2010, KKR joined ConocoPhillips, IFM (US), Koch Capital and Shell as one of the five shareholders of Colonial, acquiring Chevron’s 23.4% stake for $1.1 billion. The investment was jointly funded by KKR and a separately managed account for our limited partner, National Pension Service of Korea, the fourth largest public pension fund in the world. KKR’s 20-plus-year history of investing in the energy and infrastructure space and expertise in global public affairs greatly aided the successful closure of the deal, and such expertise and experience remain assets to the company today.