Rubis Terminal, a joint venture between global infrastructure investment manager I Squared Capital and French fuel marketing and retail company Rubis, has acquired the Spanish bulk liquid storage operator TEPSA.
TEPSA, previously controlled by Pétrofrance S.A., operates four coastal terminals in Barcelona, Bilbao, Tarragona and Valencia, Spain, with 912 000 m3 of storage capacity dedicated to chemical, biofuel and conventional fuel products. TEPSA generated €52 million in revenues in 2019 and has significant growth potential resulting from its strong positioning in the Spanish market and expansion plans already underway.
The acquisition will increase the size of Rubis Terminal by around 30%, resulting in an aggregate storage capacity of 4.6 million m3 across 17 sites in five countries. Additionally, the transaction will significantly increase Rubis Terminal’s exposure to chemical, biofuel and agri-food products, with nearly 50% of combined storage revenues derived from these products. Going forward, Rubis Terminal and TEPSA will continue to play an important role in supporting the energy transition by providing customers with access to sustainable products.
Bruno Hayem, CEO of Rubis Terminal, said: “We have full confidence in the success of the integration between the two companies. Rubis Terminal and TEPSA share common values and vision. This similarity comes from our histories, industrial cultures, and success-oriented workforces. Our new collaboration has already been very successful with the recent issuance of our €150 million additional senior secured notes.”
Nuria Blasco, CEO of Tepsa, said: “We are looking forward to being part of Rubis Terminal, with its exceptional growing opportunities for TEPSA and its team members. We already feel as if we have known each other for years.”
Jacques Nahmias, Chairman of Pétrofrance S.A., said: “The completion of the sale of TEPSA represents an important milestone in the history of the company and its parent Pétrofrance. We are very happy about this transaction that allows TEPSA to join a group with an international presence, with common values and which will support its continued development.”
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/02112020/rubis-terminal-acquires-tepsa/
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