Riverstone Holdings To Buy International-Matex Tank Terminals From Macquarie Infrastructure Corporation
Riverstone Holdings Has entered into a definitive agreement to buy International-Matex Tank Terminals from Macquarie Infrastructure Corporation for total consideration of $2.685bn, subject to customary closing adjustments. IMTT provides storage and handling of bulk liquid products that are used in energy, industrial, consumer, and transportation industries.
“Riverstone has a long-standing track record owning and operating terminal assets, and we are excited about the opportunities at IMTT to drive growth and performance to deliver attractive returns to our investors” said Baran Tekkora, Partner & Co-Head of Private Equity at Riverstone.
Carlin Conner, Senior Advisor to Riverstone said “IMTT is one of the premier independent terminalling platforms in the world. The Company is in a great position to leverage its leading North American locations to continue providing services across refined petroleum products, chemicals, vegetable and tropical oils, and renewable fuels.”
John Jessup, Managing Director at Riverstone, added “IMTT is a unique infrastructure platform that has supported the growth and evolution of its customers and markets for many years. We are excited to be a part of the next phase of that tradition.”
Closing is expected in late 2020 or early in 2021 and is subject to customary approvals and closing conditions. IMTT will retain its name and operate as a Riverstone portfolio company. Jefferies LLC acted as exclusive financial adviser to Riverstone and provided committed debt financing in support of the transaction. Latham & Watkins LLP served as legal counsel to Riverstone.
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