GCM Grosvenor completed the acquisition of a 49.9% stake in Long Ridge Terminal from Fortress Transportation and Infrastructure for $150m.

Asset management company GCM Grosvenor completed the acquisition of a 49.9% stake in Long Ridge Terminal, an industrial port and rail terminal located in Hannibal, Ohio, from Fortress Transportation and Infrastructure, which owns and acquires high quality infrastructure and equipment, for $150m. "We are excited to invest in Long Ridge Energy Terminal and have the opportunity to partner with FTAI on what will be one of the most efficient natural gas-powered plants in North America. We believe Long Ridge will serve as a reliable low-cost energy provider to the region and, equally important, as a hub for new jobs and economic development," Michael Sacks, GCM Grosvenor Chairman and CEO.