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:
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