The partnership establishes a platform for organic and strategic investments and expansions in the tank terminal business in Europe and North America. Odfjell believes there are attractive expansion opportunities in the tank terminal sector and sees Lindsay Goldberg as a reliable long-term partner with a shared strategic view and ambition.

Through the transaction Lindsay Goldberg will acquire a 49% indirect interest in each of Odfjell’s tank terminals in Rotterdam and Houston as well as in the greenfield project in Charleston, S.C. for a total consideration of USD [253 million in cash]. Odfjell will retain the remaining 51% ownership stake. Furthermore, Lindsay Goldberg will become Odfjell’s partner in developing new business in the European and North American tank terminal markets. In conjunction with closing of the transaction, the parties will inject EUR 25 million as new equity into Odfjell Terminals (Rotterdam) to facilitate planned upgrades of the terminal as well as capacity expansion.  The current management teams at the respective terminals will remain in place and will be responsible for day-to-day business.

In addition to further development of the Rotterdam and Houston facilities the partners plan to grow the business in Europe and North America by pursuing growth opportunities through strategic acquisitions and construction of new tank storage terminals. Examples include upgrades and capacity increases of the Rotterdam terminal and development of the Charleston site.

“We are pleased to announce that we now are formally partners with Lindsay Goldberg. We look forward to working with them to pursue growth within the tank terminal market and enhanced value for our shareholders”, – says Jan A. Hammer, President and CEO of Odfjell.

The total transaction includes storage capacity of refined oil products and chemicals in the amount of 1,962,064 cbm and a total of 465 employees.