Birch Hill Equity Partners Acquires Additional Shares in Tidewater Midstream and Infrastructure Ltd.

TORONTO, May 4, 2020 /CNW/ - Birch Hill Equity Partners Management Inc., as general partner of each of Birch Hill Equity Partners V, LP, Birch Hill Equity Partners (US) V, LP and Birch Hill Equity Partners (Entrepreneurs) V, LP (collectively, "Birch Hill"), announces that it has acquired 6,977,500 additional common shares of Tidewater Midstream and Infrastructure Ltd. ("Tidewater"), representing 2.1% of the issued and outstanding common shares of Tidewater.

The common shares were acquired through the facilities of the Toronto Stock Exchange at an average price of $0.47 per share, or $3,283,852 in the aggregate. Birch Hill acquired the common shares in reliance on the normal course purchase exemption from the requirement to make a formal bid to all shareholders contained in Section 4.1 of National Instrument 62-104 – Take-Over Bids and Issuer Bids. This exemption is available to Birch Hill because it has not acquired any other common shares of Tidewater in reliance on the exemption in the past 12 months, there is a published market for the common shares of Tidewater and the common shares were acquired at the market price of the common shares at the time of each trade.

Immediately prior to the acquisition of these shares, Birch Hill beneficially owned and controlled an aggregate of 73,532,271 common shares, representing approximately 21.8% of the issued and outstanding common shares of Tidewater. Following the completion of the acquisition of these shares, Birch Hill beneficially owns and controls an aggregate of 80,509,771 common shares, representing approximately 23.9% of the issued and outstanding common shares of Tidewater.

Birch Hill acquired the common shares of Tidewater for investment purposes.

An updated early warning report will be electronically filed with the applicable securities commissions in each jurisdiction where Tidewater is reporting and will be available on SEDAR at www.sedar.com. For further information or to obtain a copy of the early warning report filed by Birch Hill, please contact Pierre Schuurmans at [phone].

Birch Hill Equity Partners Management Inc.
100 Wellington Street West
Suite 2300, TD West Tower
P.O. Box 22
Toronto, ON  M5K 1A1

SOURCE Birch Hill Equity Partners Management Inc.