Rubis Terminal, a Joint Venture Between I Squared Capital and Rubis, to Expand in Spain Through the Acquisition of TEPSA, a Leading Company in the Storage of Bulk Liquid Products.
Rubis Terminal, a joint venture between I Squared Capital, an international infrastructure fund manager, and Rubis, a French listed company specializing in the storage of petroleum products, announces the acquisition of TEPSA, a Spain-based leading bulk liquid storage operator. The agreement was signed today with a planned completion upon approval from the Spanish administrative and antitrust authorities.
TEPSA, controlled by Pétrofrance S.A., operates four coastal terminals located in Barcelona, Bilbao, Tarragona and Valencia with 912,000 m3 of storage capacity dedicated to chemical, biofuel and petroleum products. TEPSA generated 52 million euros of revenues in 2019 and has significant growth potential resulting from its strong positioning in the Spanish market and expansion plans already underway.
This transformational acquisition, which increases the size of Rubis Terminal by around 30%, is the first since the Rubis – I Squared Capital joint venture was formed in April 2020.
This is a strategic transaction for Rubis Terminal, creating a platform to capture product flows in the Mediterranean region, as well as to explore an entrance into high-growth markets in Latin America. In addition to diversifying Rubis Terminal’s geographic footprint, this acquisition also increases the relative weight of the growing chemical sector, where commercial synergies are expected with Rubis Terminal’s existing positions in France and in the Amsterdam / Rotterdam / Antwerp area (known as the ARA area).
Sadek Wahba, Chairman and Managing Partner of I Squared Capital: “This acquisition shows the strength of the partnership between a large industrial group and an independent, global infrastructure investment manager. We are growing the size of Rubis Terminal by a third, while diversifying its activity, and opening up to other very promising markets. This is just the start: we have great ambitions for our French company, Rubis Terminal, to join the world leaders in the sector in the months and years to come."
Gilles Gobin, founder and Managing Partner of Rubis: "This acquisition is only the first step in a strategy which further consolidates Rubis Terminal's leadership position, while diversifying its activities and its footprint. This first acquisition demonstrates the positive dynamism brought by our Franco-American cooperation, based on the common objective to drive long-term growth."
Bruno Hayem, CEO of Rubis Terminal: "TEPSA is very close to Rubis Terminal in terms of corporate culture and the high quality of its assets, its leaders and its teams. This strategic alliance will bring significant growth potential and the capacity to strengthen the services offered to our clients."
Jacques Nahmias, Chairman of Pétrofrance S.A.: "The sale of TEPSA represents an important milestone in the company's history. This transaction allows TEPSA to join a group with an international presence, with common values and which will support its continued development in Spain as well as outside its natural borders."
About I Squared Capital:
I Squared Capital is an independent, global infrastructure investment manager focusing on energy, utilities, telecommunication, transportation and social infrastructure sectors across North America, Europe, and select high growth economies in Asia and Latin America.
Rubis is a French company specializing in the distribution of petroleum products (LPG, fuel oils, bitumen) through its subsidiary Rubis Energie and in infrastructure, transport, supply and service activities via its "Rubis Support and Services" division with leading positions in its markets. It owns 55% of Rubis Terminal. The Rubis group includes 4,000 employees spread across 25 profit centers between Europe, Africa and the Caribbean-Latin America region.
About Rubis Terminal:
Rubis Terminal is an independent European leader in the storage of petroleum, chemical and agri-food products. Rubis Terminal operates 3.6 million cubic meters of storage capacity at 13 terminals in France, Netherlands, Belgium and Turkey.
Rubis Terminal is jointly controlled by Rubis and I Squared-Capital, respectively holding 55% and 45% of the capital since April 30, 2020.
Brunswick Group LLP for I Squared Capital
+ 44 207 404 5959
Azhar Khan / Fiona Micallef-Eynaud / Peter Hesse
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Taulia’s Darcy Douglas Named One of the Top Women in Supply Chain23.9.2020 19:30:00 CEST | Press release
Taulia, the leader in working capital technology solutions, has today announced Darcy Douglas, VP of Professional Services, has been listed as a recipient of Supply & Demand Chain Executive’s first Women in Supply Chain award. The award recognizes female leaders in the supply chain industry who have demonstrated a commitment to excellence in their respective roles and also supporting other women to develop their careers and skills. Darcy has been at Taulia for ten years and her leadership has helped the company grow from a small start-up to an established market leader in the supply chain finance industry. During her time at Taulia, Darcy has spearheaded the creation of three leadership and professional development programs that help Taulians boost their skills and enhance their careers. Specifically, Darcy created the Leadership Initiative for Taulia (LIFT) program for women, which includes a mentoring program, education classes, and other activities, to inspire development and leader
DC Secretary Announces Proposed Amendments to DC Rules23.9.2020 17:22:00 CEST | Press release
DC Administration Services, Inc., in its capacity as DC Secretary, has today published to the DC website proposed amendments to the Deliverable Obligation and External Review provisions of the DC Rules. Any Eligible Market Participant may provide comments on the proposed amendments to the DC Rules until 5:00pm EDT Tuesday, September 29, 2020. The proposed amendments to the DC Rules, together with additional information about the Determinations Committees and what they do can be found at the Determinations Committees website: https://www.cdsdeterminationscommittees.org/. Other inquires may be directed to Mark Ferraris at email@example.com View source version on businesswire.com: https://www.businesswire.com/news/home/20200923005724/en/Contact information Mark Ferraris firstname.lastname@example.org
CORRECTING and REPLACING SES Becomes Microsoft Azure Orbital Founding Connectivity Partner23.9.2020 15:38:00 CEST | Press release
Second paragraph of release dated September 22, 2020 should read: The first MEO and Earth Observation gateways will be located in the United States; in Phoenix, Arizona and Quincy, Washington respectively.(instead of ... located in Phoenix, Arizona, United States and Quincy, Western Australia respectively). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200922005927/en/ SES Becomes Microsoft Azure Orbital Founding Connectivity Partner (Photo: Business Wire) The updated release reads: SES BECOMES MICROSOFT AZURE ORBITAL FOUNDING CONNECTIVITY PARTNER SES’s proven low-latency MEO managed services to be part of Microsoft’s new multi-orbit satellite connectivity integrated with Azure, promising optimized cloud application performance for O3b mPOWER customers SES today announced it has joined as the medium Earth orbit (MEO) connectivity partner for Microsoft Azure Orbital, Microsoft’s new managed service enabling network operators
CORRECTING and REPLACING SES Advances Digital Transformation with Cloud-First Strategy, Expanded Agreement23.9.2020 15:36:00 CEST | Press release
Eighth paragraph of release dated September 22, 2020 should read: The two companies will make joint investments in Azure Orbital ground stations for the MEO and Earth Observation segments that SES will deploy and manage based on its industry expertise, with the first Earth Observation gateway being located at Quincy, Washington in the United States. (instead of ... with the first Earth Observation gateway being located at Quincy, Western Australia.). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200922005930/en/ SES Advances Digital Transformation with Cloud-First Strategy, Expanded Agreement (Photo: Business Wire) The updated release reads: SES ADVANCES DIGITAL TRANSFORMATION WITH CLOUD-FIRST STRATEGY, EXPANDED AGREEMENT Multi-year agreement with Microsoft includes Azure Orbital integration, SES’s expanded use of Azure and joint development of new video and data connectivity services SES today announced plans to significan
Former World Head of State to Address Attendees at Everbridge’s COVID-19: Road to Recovery (R2R) Symposium, Joining Dr. Anthony Fauci, Sir Richard Branson, and Dr. Sanjay Gupta as Keynotes, October 14-15, 202023.9.2020 15:29:00 CEST | Press release
Everbridge, Inc. (NASDAQ: EVBG), the global leader in critical event management (CEM), today announced that a former World Head of State will address attendees to its Autumn 2020 “COVID-19 R2R: The Road to Recovery” virtual leadership summit to be held October 14-15, 2020, covering the path forward amid the COVID-19 pandemic. The addition of a former World Head of State represents the latest in a top-tier line-up of leading experts and C-level executives who will share their perspectives on best practices for the safe reintegration of people back to work, campuses and public spaces; the restoration of revenue-generating operations; and the protection of citizens on a countrywide scale amid the coronavirus pandemic. Keynote speakers include presidential advisor and Director of the National Institute of Allergy and Infectious Diseases (NIAID) at the U.S. National Institutes of Health (NIH) Dr. Anthony Fauci, Virgin Group Founder Sir Richard Branson, and renowned neurosurgeon and CNN Chie
Global Travel Industry Embracing Autonomous UVD Robots23.9.2020 15:02:00 CEST | Press release
With the latest forecast by the U.S. Travel Association by Tourism Economics predicting $505 billion in losses globally through the end of 2020, UVD Robots announced its autonomous disinfecting robot is being increasingly deployed within hotels, railways, and airports globally. UVD Robots’ mobile, fully autonomous robot integrates UVC light and a large number of disinfection-specialized apps to disinfect against viruses and bacteria not only on surfaces, but the air as well, providing a fully comprehensive infection control and prevention solution. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200923005177/en/ “Right now it’s critical for the hospitality industry to not only enhance how we protect travelers but also provide them with reassurance that we’re taking every possible step from check-in to check-out,” said Trish Berry, General Manager, YOTEL Boston. An extension of YOTEL’s operation #SmartStay safety measures, the