Cresta Fund Management LLC and its affiliates acquired a controlling interest in the Come By Chance Refinery located in Come By Chance, Newfoundland. Following the acquisition, Cresta has re-branded the business conducted at the Come By Chance Refinery as Braya Renewable Fuels.
Braya intends to convert the warm-idled refinery into a facility capable of producing renewable diesel and sustainable aviation fuel with initial production capacity of 14,000 barrels per day and a planned in-service date of mid-2022. Following the conversion, the Come By Chance Refinery will be one of the largest renewable diesel and sustainable aviation fuel production facilities in Canada.
Silverpeak, the prior controlling entity of the Come By Chance Refinery, will continue to hold a minority interest in Braya and will participate in the refinery conversion.
Norton Rose Fulbright advised Cresta with a team led by Robert Froehlich (Business Law) and KayLynn Litton (Business Law), and included Dion Legge (Tax), Brian Milne (Tax), Rujuta Patel (Anti-Trust and Foreign Investment), Robin Acworth (Energy transactional), Alan Harvie, (Environmental), Andrew Schafer, (Employment and Labour), Elizabeth Williams, (Intellectual Property), Iwan Davies, (Intellectual Property), Jennifer Lang-Hodge (Employment and Labour), Thom Savery (Energy transactional), and Amanda Cerisano (Energy transactional).
In addition to the transactional and tax aspects, the acquisition included advice related to anti-trust and foreign investment, intellectual property and branding, employment and labour and environmental considerations, warranting involvement from several members of Norton Rose Fulbright Canadian team. It was also a cross-border matter border with Norton Rose Fulbright US.
McInnes Cooper advised Cresta on local Newfoundland and Labrador law.
Steward McKelvey advised Silverpeak.
Eversheds Sutherland advised Cresta on certain operational arrangements.