Category Archives: News Releases

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Canada Pension Plan Investment Board and The Broe Group Complete Acquisition of DJ Basin Oil & Gas Assets

Acquisition completed through jointly formed entity, Crestone Peak Resources

 

Toronto, ON/Denver, CO (July 29, 2016): Crestone Peak Resources LLC (Crestone), a Canada Pension Plan Investment Board (CPPIB) and The Broe Group jointly formed entity, closed the acquisition of the previously announced Denver Julesberg (DJ) Basin oil and gas assets in Colorado from Encana Oil & Gas (USA) Inc., a wholly owned subsidiary of Encana Corporation (Encana). Crestone is 95% owned by CPPIB and 5% by an affiliate of The Broe Group. The effective date of the transaction is April 1, 2015.

CPPIB’s Natural Resources group invests directly in companies, strategic partnerships and direct resource interests in energy, merchant power generation, metals and mining, and renewable energy. At the end of Fiscal 2016, the Natural Resources Portfolio consisted of nine direct investments, valued at C$1.4 billion. To date in Fiscal 2017, the Natural Resources group has announced C$4.1 billion of transactions in: Crestone Peak Resources LLC, Wolf Infrastructure Inc., Teine Energy Ltd., and LongPoint Minerals, LLC.

About Canada Pension Plan Investment Board

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 19 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments.

Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2016, the CPP Fund totalled C$278.9 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn or Twitter.

About The Broe Group

The Broe Group, with headquarters in Denver, Colorado, is a privately-owned diversified enterprise with a multi-billion dollar asset base. The organization owns and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. OmniTRAX and Broe manage industrial hubs adjacent to affiliate rail operations including the Great Western Industrial Park in Northern Colorado and sites in Brownsville, Texas; Sand Springs, Oklahoma; Decatur, Illinois and Savannah, Georgia. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has several other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

For further information, please contact:

 

CPPIB

Mei Mavin

Director, Corporate Communications

+44 20 3205 3515

mmavin@cppib.com

 

Dan Madge

Senior Manager, Media Relations T: +1 416 868 8629

dmadge@cppib.com

The Broe Group Ronald  Margulis  T: +1 908 337 0020

ron@rampr.com

 

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OmniTRAX and Effingham County Industrial Development Authority Launch Public/Private Partnership to Develop Land Near Savannah

DENVER: OmniTRAX, Inc., one of the largest privately held transportation services companies in North America and an affiliate of The Broe Group, and the Effingham County Industrial Development Authority (ECIDA) are developing a 2,700-acre tract near Rincon, GA. The Savannah Gateway Industrial Hub, located 12 miles from the Port of Savannah and served by the CSX and Norfolk Southern railroads, is expected to attract manufacturers, processers, distributors and others.

“The Savannah market is growing rapidly, supported by the fourth busiest port in the nation. This is a perfect opportunity for OmniTRAX to supply the capabilities and experience gained at our other industrial development sites to create a world-class business park. We’re delighted to be working with John Henry and his team to bring growth to the region,” said Kevin Shuba, Chief Executive Officer of OmniTRAX.

Under the arrangement, which is going through due diligence by both parties, ECIDA is contributing the land to Savannah Gateway Industrial Hub and OmniTRAX will provide capital for infrastructure including a rail system to connect the tenants to the Class 1 operators, development expertise and marketing services. Benefits for companies locating at the new site include proximity to one of the country’s leading ports, the flexibility of dual rail service, an educated and productive work force and the flexibility to purchase or lease a parcel.

“This is a true partnership for Effingham County that will bring thousands of high quality jobs and economic growth to the community. OmniTRAX has a proven track record from several other locations around the country for creating the infrastructure required to attract great companies to our site,” said John Henry, CEO of ECIDA.

ECIDA had sought a development partner for the property, formerly known as the Research Forest, for several years. OmniTRAX was approached early last year to determine interest, the two entities quickly learned they shared a common development goal for the property and began discussions in mid-2015.

OmniTRAX has drafted a tentative master plan for the park that will allow for several phases of development and will ultimately provide in excess of 1,800 acres of industrial property including a single user mega site. The company has developed other large scale projects including the Great Western Industrial Park, a 3,000 acre, dual-rail served facility north of Denver, CO, and the GEOTRAC Industrial Hub, a 1,400 acre rail served facility at the Port of Brownsville, Texas.

OmniTRAX is one of America’s largest short line railroad holding companies offering bundled services including terminal and switching, door-to-door container/transloading, processing, fueling, storage and maintenance. The company also has successful industrial development and marketing experience, a rarity for rail operators, and currently services many Fortune 500 companies.

“OmniTRAX’s success in rail operations were a real attraction to us, the size and dual-rail nature of this site is what truly gives it potential to be a stand-alone premium site in the Southeast. We knew in order to capitalize on the site’s potential we had to find a partner that took the rail into consideration. Rail operators that also develop industrial property are few and far between. Given the success that they have had in Colorado and elsewhere we found a respect for the company,” Henry added.

About Effingham County Industrial Development Authority

The Effingham County Industrial Development Authority is a governmental Economic Development Organization created to promote trade and industry in Effingham County, Georgia. For more information please visit www.effinghamindustry.com.

About OmniTRAX, Inc.

As one of North America’s largest private railroad and transportation management companies, OmniTRAX’s core capabilities range from providing management services to railroad and port services and to intermodal and industrial switching operations. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at www.omnitrax.com.

 About The Broe Group

The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion dollar asset base.  The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

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Broe Real Estate Group Closes on Acquisition of Oceanview Village Shopping Center in San Francisco

San Francisco, CA (March 14, 2016) – Broe Real Estate Group (“Broe”), a leading investment manager of commercial real estate assets affiliated with The Broe Group, has acquired Oceanview Village Shopping Center in San Francisco, California, for $30.6 million.  Citivest Commercial (“Citivest”), a real estate operating company specializing in value-add retail investments, will serve as the operating partner.

The 98,406 square foot, mixed-use development is located at 3931-3981 Alemany Blvd.  It is part of a mixed-use project built in 2002 that includes 370 condominiums above the ground floor retail space. The condominiums were not included in the purchase.  Existing tenants include Albertsons, Walgreens, 24-Hour Fitness and Chase Bank.  The grocery store and pharmacy spaces have long-term lease commitments, however both tenants are not in operation. Broe and Citivest plan to reposition the property via multiple improvements, including façade upgrades, new landscaping, entrance lighting, parking lot improvements and a new signage program.

“We are very excited about this new partnership with Citivest, and we believe the investment represents an excellent repositioning opportunity in one of the strongest retail markets in the country,” said Doug Wells, CEO of Broe Real Estate Group.  “The upgrades we have planned, combined with an outstanding location, make the shopping center extremely well-positioned to leverage its customer base and enhance value.”

“Sourcing a shopping center in the heart of San Francisco, where supply is highly limited, is extremely difficult,” explains Larry Weese, President of Citivest Commercial. “The ability to acquire a retail asset that not only boasts a prime location, but also presents enormous potential for value creation is a testament to the team.”

Broe and Citivest were attracted to the shopping center’s stable cash flow, with existing credit tenants, as well as its excellent demographics as nearly 60,000 people live within one mile of the property, and 360,000 people live within three miles.  The property also benefits from its location, adjacent to the 280 Freeway and close proximity to the Daly City BART Station.  The venture has hired Crosspoint Realty to be its Property Manager and selected Todd Oliver and Drew Greenspan with Cushman & Wakefield as its leasing representatives.

About Broe Real Estate Group
Broe Real Estate Group acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. For more than 40 years, the company has operated a comprehensive real estate platform to provide complete solutions to maximize return on investment. Additional information is available at www.broerealestate.com.

About The Broe Group
The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion asset base. The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

About Citivest Commercial Investments, LLC

Citivest Commercial Investments (Citivest) is a related company to Citivest, Inc. The Citivest partners are Dana Haynes, Dwight Belden and Larry Weese.  Headquartered in Newport Beach, California, Citivest is a privately held owner, operator and developer of commercial real estate.  The company’s executives, each with over 25 years of retail experience, have an extensive multi-cycle track record in the retail sector with a focus on value-add acquisitions and repositions along with select ground-up development projects.  Citivest is a proven buyer of value-add and opportunistic retail properties across the Western US, with a particular focus on high barrier to entry submarkets in California. The company’s typical value-add asset strategies leverage the firm’s leasing relationships, development capabilities and overall asset management strength.  To date, the Principals of Citivest have round-tripped $1 billion in value-add/opportunistic retail properties.

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Georgia & Florida Railway Deploys Interline Settlement System

DENVER – The Georgia & Florida Railway, LLC (GFRR), an affiliate of OmniTRAX, Inc., continues to make shipping by rail easy with the implementation of Railinc’s Interline Settlement System (ISS) in partnership with Norfolk Southern Railway, CSX Transportation and GE Transportation’s Digital Solutions business. ISS is the standard process in the rail industry to share revenue when two or more railroads handle a shipment. Additional OmniTRAX rail lines will convert to ISS in collaboration with the company’s Class 1 rail partners during the coming months.

“This is a significant accomplishment for our organization,” said David Rohal, Senior Vice President of Customer and Class 1 Relations at OmniTRAX. “The ISS process brings us to the same standard used by the major railroads providing the automation our customers and rail partners expect. This supports our ability to grow business and enhances our industrial development and real estate activities, key differentiators for OmniTRAX-managed companies.”

ISS is the accepted standard method by which the rail industry settles interline freight revenues via Electronic Data Interchange (EDI). Through EDI messaging, the system distributes revenue waybills, including rates and divisions, and provides a mechanism for concurrence prior to settlement.

“We see ISS as a cornerstone for building businesses that generate railroad traffic for us and our interchange partners, while improving service and making shipping by rail easy for our customers,” said Kevin Shuba, Chief Executive Officer of OmniTRAX.

About OmniTRAX, Inc.
As one of North America’s largest private railroad and transportation management companies, OmniTRAX’s core capabilities range from providing management services to railroad and port services and to intermodal and industrial switching operations. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at www.omnitrax.com.

About The Broe Group
The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion dollar asset base.  The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

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Broe Real Estate Group Updates Leadership Team for Growth

DENVER: Broe Real Estate Group, an affiliate of The Broe Group, announced two additions to its leadership team to augment the company’s asset management, development and construction capabilities. Walter Armer joins as Vice President, Development and Portfolio Management with responsibilities for the Broe Real Estate Group multi-family portfolio including the building and marketing of Country Club Towers II. Andy Poremba joins as Vice President, Construction, and will support Armer in the development of Country Club Towers II.

“Walter and Andy bring great experience and enthusiasm to our team at a time when we’re poised for tremendous growth. Their expertise will be particularly valuable with the Country Club Towers II project and considerably enhances the construction and development capabilities of Broe Real Estate Group. We’re glad to have them on board,” said Doug Wells, CEO of Broe Real Estate Group.

Armer, who has 25 years of multi-family asset management and development experience, joins Broe Real Estate Group from the CORE Companies, a private multi-family development firm based in San Jose, CA. He holds a B.S. in Business Administration from the University of Phoenix and an M.B.A. from the F.W. Olin Graduate School of Business at Babson College.

Poremba has 25 years of construction and development experience to BREG and is joining Broe Real Estate Group from ServiceStar Development Company, where he spent 14 years, most recently as Director of Construction. He is a graduate of Colorado State University with a B.S. in Industrial Construction Management.

About Broe Real Estate Group
Broe Real Estate Group acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. For more than 40 years, the company has operated a comprehensive real estate platform to provide complete solutions to maximize return on investment. Additional information is available at www.broerealestate.com.

About The Broe Group
The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion asset base. The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

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OmniTRAX Names Harris Board of Directors Chairman

DENVER – OmniTRAX, Inc., one of the largest privately held transporation service companies in North America and an affiliate of The Broe Group, has elected Edmond Harris Chairman of its Board of Directors. Harris, who joined the OmniTRAX board in May 2014, replaces Brad Skinner, who will stay on the board.

“Since becoming a member of the Board of Directors in May of 2014, Ed has drawn on his life-long experiences in the rail industry to help OmniTRAX improve its operating efficiency and processes. His network of industry relationships has also added greatly to the strength of our board,” said Kevin Shuba, CEO of OmniTRAX.

Skinner, who has guided the Board since 2012, worked to expand OmniTRAX’s scope and service offering. He also helped ownership select management team members, recruit Board members and make acquisitions that created new opportunities for the company.

“Brad has been a great leader during a phase of both rapid growth and economic uncertainty. The Board thanks him for his service and looks forward to working with him closely in the future,” said Pat Broe, CEO and Founder of The Broe Group, and a member of the OmniTRAX Board.

Harris added; “Brad helped bring a great leadership team to OmniTRAX and the company now has excellent prospects. I look forward to working with Brad and the other board members to help guide the company through its next phase of profitable growth.”

Harris Background
From 2010-2011, Harris was Executive Vice-President Operations & Chief Operating Officer of Canadian Pacific. He previously held several top management positions at Canadian National, including Executive Vice-President, Operations, and worked his way up from Yard Clerk to Vice President, Operations at Illinois Central Railway. He continues to work as an independent consultant for the rail industry, and is a member of the Board of Directors at Universal Rail Services, a track construction and maintenance company.  Harris earned his B.S. in Business Management from University of Illinois and served in the US Marine Corps.

Note to Editors: Photo of Edmond Harris is available.

About OmniTRAX, Inc.
As one of North America’s largest private railroad and transportation management companies, OmniTRAX’s core capabilities range from providing management services to railroad and port services and to intermodal and industrial switching operations. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at www.omnitrax.com.

 

About The Broe Group
The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion dollar asset base.  The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

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Three Leaf Ventures Gains Momentum in 2015; Targets Future Investments in Genomics and Mobile Technology

DENVER – January 7, 2016: Three Leaf Ventures, an affiliate of The Broe Group established to invest in transformative healthcare technology, showed significant progress in 2015. Funds were delivered to several new companies and provided to existing investments to support their growth and progress. The firm plans to expand its focus on medical technology start-ups in the areas of genomics, telemedicine software and hardware, health IT, patient centered tools and services in 2016.

“2015 was a phenomenal year for Three Leaf Ventures. Our companies have made significant progress in terms of value growth. We continue to see tremendous potential from entrepreneurs taking a creative approach to addressing problems in our healthcare system and we expect 2016 will have no shortage of these opportunities,” said Sean Kearney, Managing Director of Three Leaf Ventures.

Highlights for 2015 include:

  • Invested in the $35 million Series B Funding round of Scanadu Inc., the Silicon Valley based company that is building a platform of consumer tools and services including the creation of an FDA approved blood pressure device for consumers.
  • Participated in the seed investment round of $2 million for Cohero Health, a digital health company focused on developing connected health tools and technologies to empower respiratory patients and improve care through smart mobile devices
  • The Initial Public Offering of Invitae, a San Francisco-based genetic information company that Three Leaf Ventures supported in a round of private funding.
  • Cypher Genomics, a genome informatics firm Three Leaf Ventures invested in, was acquired by Human Longevity, a genomics-based, technology-driven company.

“We are at the start of what will be a transformative era for how we view and manage our individual health. I am excited about the innovations that are only beginning to take place in medicine and related fields,” said Kiki Broe, Senior Associate at Three Leaf Ventures.

About Three Leaf Ventures

Three Leaf Ventures, the technology investment affiliate of The Broe Group, supports growing companies in their effort to address the many issues that exist in managing health. Today, as never before, technology can be leveraged to significantly reduce the frictions present in our healthcare system.  Three Leaf Ventures and The Broe Group aim to partner with entrepreneurs from vision to fruition.

About The Broe Group

The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and manage real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading logistics services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway Company. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com.

Media Contacts:

Sean Kearney, Managing Director
Three Leaf Ventures
Email: skearney@threeleafventures.com
Phone: 303.298.0443

Ron Margulis
RAM Communications
Email: ron@rampr.com
Phone: 908-337-0020

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Country Club Towers & Gardens Receives Tributes Award From Apartment Association of Metro Denver

Denver: Country Club Towers & Gardens, a development managed by Broe Real Estate Group, a leading investor and manager of commercial real estate assets affiliated with The Broe Group, has earned a Tributes Award from the Apartment Association of Metro Denver. The honor, for Most Outstanding Model Home, was given on November 9, 2015 at a gala event known as the “Academy Awards” of multi-family housing. 

“We’re thrilled to receive this commendation from the AAMD for Country Club Towers & Gardens. Our Regional Property Manager, Eric Ray and his team are constantly striving to improve our multi-family operating platform and it’s great to see their hard work honored,” said Doug Wells, Chief Executive Officer at Broe Real Estate.

Country Club Towers & Gardens was selected from more than 450 nominations in 47 award categories that recognize excellence in the apartment industry. The Country Club Towers and Gardens development consists of 308 units, including 125 historic Gardens apartments and the 20-story, 183-unit Towers building. All apartments in the Towers along with a majority of the common areas have recently been renovated.

About Broe Real Estate Group
Broe Real Estate Group acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. For more than 40 years, the company has operated a comprehensive real estate platform to provide complete solutions to maximize return on investment. Additional information is available at www.broerealestate.com.

About The Broe Group
The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion asset base. The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

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Keith Lovetro Named to OmniTRAX Board

DENVER – OmniTRAX, Inc., one of the largest privately held rail and transportation service companies in North America and an affiliate of The Broe Group, elected Keith Lovetro to its Board of Directors. Lovetro currently serves as President and Chief Executive Officer of TRAC Intermodal, the largest intermodal chassis pool manager and equipment provider for international and domestic shippers in North America. He replaces John Giles on the six-person board effective today.

“We are fortunate to have such a skilled and connected leader as Keith join our board. His more than 34 years of management experience, including time with regional trucking, ground parcel, air express and air freight firms, will help guide all of our businesses,” said Brad Skinner, Chairman of OmniTRAX.

Lovetro has served as President and CEO of TRAC Intermodal since June 2011, growing revenue by 23+ % (CAGR) since joining the company. Prior to Trac Intermodal, he was President and Chief Executive Officer of YRC Regional Transportation, responsible for the P&L performance of USF Reddaway, USF Holland and New Penn Motor Express which had annual revenues of more than $2.0 billion and more than 14,000 employees. He previously held executive positions at DHL Express and FedEx Freight West, and started his career at Emery Worldwide/CF Airfreight.

Lovetro holds a Bachelor of Arts degree from University of California, Davis, and a Master of Business Administration degree from University of Santa Clara. He serves on the Board of Directors of Interpool (parent company of TRAC Intermodal), the Institute of International Container Lessors and the Intermodal Association of North America, and is a member of the American Trucking Association and the Council of Supply Chain Management Professionals.

Note to Editors: A photo of Keith Lovetro is available.

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The Broe Group and CPPIB Lead Acquisition of DJ Basin Oil & Gas Assets from Encana in $900 million Transaction

Denver – The Broe Group and Canada Pension Plan Investment Board (“CPPIB”) announced that a new affiliate owned by the two companies has signed an agreement with Encana Corporation to buy all of Encana Oil & Gas (USA) Inc.’s oil and gas assets in the DJ Basin in northern Colorado. The $900 million transaction, which is subject to regulatory approvals and closing conditions, is expected to close during the fourth quarter of 2015.

 

“At nearly $1 billion in total value, this is a milestone transaction for The Broe Group and represents the kind of investment we are actively seeking,” said Claude Pumilia, COO & CFO of The Broe Group. “We are pleased to be partners with CPPIB to acquire an asset with significant proved reserves, strong production, and attractive well performance and returns. The combination of the management expertise of The Broe Group with the financial strength of CPPIB will drive the success of this new venture.”

 

Located in northeast Colorado, Encana’s DJ Basin assets include more than 1,600 wells and 51,000 net acres. During the first half of 2015, the assets produced an average of 52 million cubic feet per day of natural gas and 14,800 barrels per day of crude oil and natural gas liquids.

 

“The DJ Basin is one of the leading oil and natural gas plays in North America and Encana’s assets and operations have long been regarded as top-tier by industry standards,” said Avik Dey, Managing Director, Head of Natural Resources, CPPIB. “This investment offers attractive economics and aligns well with our strategy for the energy sector. We look forward to working with our partner to create value and grow the business.”

 

 

Upon closing, the new enterprise will operate as a standalone, independent business governed by its own board of directors. The management team is currently being assembled by The Broe Group and is expected to be in place before the end of the year.

 

The Broe Group was advised by Credit Suisse and Vinson & Elkins.

 

About The Broe Group

The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion asset base.  The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

About Canada Pension Plan Investment Board

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2015 the CPP Fund totaled C$268.6 billion. For more information about CPPIB, please visit www.cppib.com.

 

About Encana Corporation

Encana is a leading North American energy producer that is focused on developing its strong portfolio of resource plays, held directly and indirectly through its subsidiaries, producing natural gas, oil and natural gas liquids. By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates. Encana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.

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