Rrubis Terminal, a joint venture between global international infrastructure fund manager I Squared Capital, and Rubis, a French listed company specialising in the storage of petroleum products, has acquired TEPSA, a European leader in the storage of bulk liquids.

 

The transaction value was not disclosed, but Rubis Terminal has an enterprise value of approximately €1 billion ($1.15 billion), and the acquisition increases Rubis Terminal’s capacity by around 30 per cent. The transformational acquisition is the first since the Rubis–I Squared Capital JV was formed in April 2020. 

Tepsa, controlled by Petrofrance, operates four coastal terminals located in Barcelona, Bilbao, Tarragona and Valencia with 912,000 cu m of storage capacity dedicated to chemical, biofuel and petroleum products. In 2019, Tepsa generated €52 million in revenues and has significant growth potential resulting from its strong positioning in the Spanish market and expansion plans already underway. 

 

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). 

 

According to 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, says: "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." 

 

On his part, Bruno Hayem, CEO of Rubis Terminal, says: "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." 

 

Adding his comments, Jacques Nahmias, Chairman of Pétrofrance, says: "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." 

 

Energy and commodity storage infrastructure has performed well during the Covid-19 pandemic. Bulk liquid storage plays a critical role in the global supply chain, across multiple industries, and is resilient to changes in the economic cycle. Tepsa and the wider sector is also an essential partner in the energy transition, as it provides access to both traditional and alternative energy sources, such as biofuels, using existing infrastructure. –Tradearabia News Service