Acquisition of three major seaborne oil terminals within Europe
M&A Transactions – Oil & Petrochemicals
Acquisition of a pan-European oil & petrochemicals terminal portfolio
M&A Transactions – Oil & Petrochemicals
Acquisition of a marine fuel storage and blending terminal
M&A Transactions – Oil
Acquisition a global LNG shipping, supply & regasification portfolio
M&A Transactions – Gas & LNG
The acquisition of new build LNG carriers
M&A Transactions – Gas & LNG
Acquisition of a European LNG & LBG liquefaction plant
M&A Transactions – Gas & LNG
Acquisition of three major seaborne oil terminals in Europe

M&A Transactions – Oil & Petrochemicals
The Engagement:
Commercial Due Diligence
Bulk liquids storage terminals
The Client:
Major Infrastructure Investment Fund
Duration:
3 months
Transaction summary
- The acquisition of three market-leading European bulk liquids storage terminals located in Hamburg, Amsterdam and the Strait of Gibraltar
- Total of 2.3 million cubic meters capacity storing a range of products spanning fuel oil, diesel, gasoline, base oils and chemicals
- Number of blue-chip customers with supply chain integration
- Enterprise value of the transaction approximately €725 million
- Energex also provided the commercial due diligence for the refinancing of this portfolio at a later stage
Outcome:
- Energex developed a long-term business plan to 2040, based on supply/demand outlooks, competitive landscape and contracted customer base
- Attended site visits and management presentations for all three terminals to assess capabilities and growth potential. Worked closely with the buy-side technical advisors
- Inputted into the buy-side financial model including generating feasible upside and downside scenarios
- Energex delivered lender’s report with reliance for the successful financing of the transaction and analysis for insurance providers
- Supported the Investment Committee’s analysis of the transaction from a commercial perspective
- Our client successfully closed on the transaction in 2019
Acquisition of a pan-European oil & petrochemicals terminal portfolio

M&A Transactions – Oil & Petrochemicals
The Engagement:
Commercial Due Diligence
Bulk liquids storage terminals
The Client(s):
Major Infrastructure Investment Fund
Duration:
4 months
Transaction summary
- Acquisition of a 45% stake in a bulk liquids storage terminal operator with assets located in France, the Netherlands, Belgium and Turkey
- With a total of 3.5 million cubic meters capacity across 13 terminals, storing a broad range of liquids spanning petroleum, chemical and agri-food products
- A diversified base of industrial customers with supply chain integration
- Enterprise value of approximately €1 billion
Outcome
- Energex participated in detailed site visits to the 6 largest terminals in the portfolio to assess capabilities and growth potential. Worked closely with the technical advisors
- Attended the management presentations with our client and submitted Q&A based on commercial risks analysis
- Energex developed the long-term business plan to 2040 feeding into the financial model, based on a detailed analysis of regional demand outlooks by product, competitive landscape for each supply envelope, the contracted customer base and upside growth opportunities
- Supported the Investment Committee analysis of the transaction from a commercial perspective providing a detailed Commercial Due Diligence Report
- Our client successfully closed on the transaction in 2019 and the portfolio has proven to be a platform for deploying capital through further acquisitions
Acquisition a global LNG shipping, supply & regasification portfolio

M&A Transactions – Gas & LNG
The Engagement:
Commercial Due Diligence
Global LNG portfolio of long term supply contracts, shipping and downstream offtake
The Client(s):
Major Global Asset Manager
Duration:
6 months
Transaction summary
- Our client was seeking an entry into the global LNG market, with access to diversified, long-term contracted volumes of LNG, logistics and downstream supply outlets
- Energex originated an investment opportunity with an international energy company considering an exit from their LNG portfolio
- The portfolio consisted of multiple 20-year supply contracts totalling almost 5 million tonnes per annum of LNG supply, time charter contracts for LNG carriers and a portfolio of regasification contracts and multi-year wholesale supply contracts to industrial users in two continents
Outcome
- Energex negotiated a period of exclusivity for bi-lateral negotiations between both parties
- Facilitated all discussions and negotiations between both parties
- Particular focus on transaction structure – profit sharing, earn-outs, JV – and credit arrangements to underpin the portfolio post-transaction
- Provided commercial due diligence on the portfolio, valuation analysis on LNG contracts and long-term forecasting of LNG flows
- The transaction did not finally close owing to issues with deal structure
The acquisition of new build LNG carriers

M&A Transactions – Gas & LNG
The Engagement:
Commercial Due Diligence
LNG newbuild vessels
The Client(s):
European Infrastructure Investment Fund
Duration:
2 months
Transaction summary
- Proposed acquisition of two 180,000 cubic meter new-build LNG carriers
- Vessels to be built in a major Korean shipyard for delivery mid-decade
- Our client wanted to assess partnering with a renowned ship owner for the provision of management services for the construction and contract life of the new build LNG carriers.
- Transaction supported by a long-term time charter contract with a major participant in the LNG markets, providing secure cashflows
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Outcome
- Provided the client with full commercial due diligence to support the submission of a binding offer and to secure debt financing
- Detailed overview of the global LNG market and long-term LNG and gas supply and demand forecasts. Provided an overview of the LNG shipping sector
- Directional analysis of long-term LNG shipping rates
- Commercial review of commercial agreements including shipbuilding contracts and long-term time charter contracts (TCP), highlighting risk allocations and cost assumptions
- Provided commercial inputs into the valuation model including re-contracting rates at the expiry of the TCP
Acquisition of a European LNG & LBG liquefaction plant

M&A Transactions – GAS & LNG
The Engagement:
Commercial Due Diligence
LNG & LBG liquefaction plant
The Client(s):
Midstream Gas Infrastructure Owner and Operator
Duration:
3 months
Transaction summary
- Acquisition of a mid-scale LNG and LBG (liquid biogas) liquefaction plant in Northern Europe
- Annual nameplate LNG production capacity of 300,000 metric tonnes with 28,000 cubic meters of storage capacity
- State-of-the-art natural gas and biogas facility operating mainly on electricity produced from renewable sources
- The facility plays a critical role in enabling a lower carbon footprint for the Nordic industrial and road transport market as well as the maritime sector across Northwest Europe
- Competitive sales process organised by the vendor, a national utility. Transaction price not disclosed.
Outcome
- Derivation of the appropriate tolling fee and structure based on market supply dynamics and alternative viable supply points (including small-scale LNG transportation costs) in Europe
- Assessed tolling fee impacts on the asset under different demand scenarios
- Commercial due diligence of contracts and operational set-up
- Submitted a Valuation Assessment Report to our client, which was used for the Investment Committee decision process and financial modelling of the asset
- Our client successfully closed the transaction in 2021
Acquisition of a European waste-to-value pyrolysis platform

M&A Transactions – Energy Transition
The Engagement:
Origination & Commercial Due Diligence
Waste Recycling Plant
The Client(s):
Global Infrastructure Investment Fund
Duration:
9 months
Transaction summary
- Our client was seeking platform investment opportunities in the recycling and waste-to-value sector, to allow for a scaled-up deployment of capital over a 3-5 years period
- The seller was seeking equity investment capital to fund the construction of a world-first commercial scale, 180,000 tonnes per annum waste tyre pyrolysis plant to convert end-of-life tyres (ELTs) into high-value products such as biofuels and chemical products
- Long-term feedstock supply and product contracts were secured
- There was an investment opportunity in the holding company, allowing for capital participation in a significant pipeline of additional plants in Europe and the US to become the global leader in waste tyre pyrolysis
- Initial investment of €50-75 million with runway to deploy up to €500 million over 5 years
Outcome
- Energex analysed and profiled the emerging ELT market across Europe and engaged directly with each of the major players to explore capital requirements, understand their business models and form a view on the commercial feasibility of each project
- Selected and presented an investment opportunity to our client and proceeded with detailed due diligence
- Built a financial model and 5-year business plan, with base, downside and upside cases
- Conducted a detailed analysis of feedstock supply dynamics, logistics and regulations.
- Conducted a detailed analysis of product off-take markets and pricing dynamics including subsidy regimes
- Took on board advice on technology ‘readiness’ from technical advisors
- Facilitated bilateral negotiations between our client and the target business.
- Transaction did not close owing to eventual irreconcilable differences in final deal structure
Acquisition of a marine fuel storage and blending terminal

M&A Transactions – Oil
The Engagement:
Commercial Due Diligence
Bulk liquids storage terminal
The Client(s):
Major Infrastructure Investment Fund
Duration:
3 months
Transaction summary
- Acquisition of a Rotterdam marine fuel storage and blending terminal
- The terminal also provides ancillary services for ship owners.
- Approximately 240,000 cubic meters capacity
- Surplus land for capacity expansion with various options for development
Outcome
- Energex participated in a detailed site visit to the terminal to assess capabilities and growth potential. Worked closely with the technical advisors
- Detailed analysis of customer contracts, underlying business models and product flows
- Undertook a detailed analysis of the outlook for marine fuel use over a 30-year time horizon, with forecasts and scenarios for changing marine fuels mix as a result of the decarbonization of the maritime sector
- Energex developed the long-term business plan feeding into the financial model, based on a detailed analysis of regional demand outlooks by product stored, the competitive landscape for marine fuels supply in the ARA regions, and commercially feasible options for expansion
- Supported the Investment Committee analysis of the transaction from a commercial perspective providing a detailed Commercial Due Diligence Report
- Our client successfully closed on the transaction in 2020