Moda Completes Sale of Vopak Moda Houston Terminal Interest
01.20.2024 By Tank Terminals - NEWS

January 20, 2024 [Businesswire]- Moda Midstream (“Moda”) announced today that the company and its financial sponsor EnCap Flatrock Midstream completed the previously announced sale of Moda’s 50 percent interest in the Vopak Moda Houston terminal joint venture to Madrid-based Exolum, a leading European logistics company for liquid products, with operations in nine countries. Terms of the agreement were not disclosed.

 

“Moda has again accomplished its mission to develop the most advantaged, sophisticated terminaling infrastructure in our industry,” said Moda Midstream CEO and Co-Founder Jonathan Z. Ackerman. “I applaud the collaboration and execution by Moda’s team of experts in commercial development, engineering and design, project management, operations, and sustainability. I also would like to thank the EnCap Flatrock Midstream team for their support over our many years of partnership during the commercialization of the Vopak Moda Houston terminal facility, the Moda Ingleside Energy Center, and other Moda assets.”

“The Moda team has successfully delivered a world-class asset for the storage and handling of ammonia in the Houston Ship Channel,” said EnCap Flatrock Midstream Managing Partner Gregory C. King. “Throughout our eight-year partnership, the Moda team has demonstrated its unique capabilities to develop flagship terminals across multiple geographies and markets for both traditional energy and as early movers to meet growing global demand for low-carbon energy products. Our success with Moda is an excellent example of partnering with the best management teams in the midstream space to generate superior returns for our investors.”

 

Advisers

Intrepid Partners, LLC acted as exclusive financial adviser to Moda, and Vinson & Elkins acted as legal counsel.

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