May 18, 2011 [Odfjell] - With reference to the stock exchange announcement 13 December 2010 in which Odfjell announced a process to evaluate strategic alternatives for its Rotterdam tank terminal, the Company today informs that it has entered into a letter of intent to form a strategic partnership with affiliates of US-based private equity firm Lindsay Goldberg LLC. The selection of Lindsay Goldberg follows a careful review and discussions with various interested parties.
According to the proposed transaction, it is the intention that Lindsay Goldberg will acquire a 49% interest in each of Odfjell’s tank terminals in Rotterdam and Houston as well as in its greenfield project in Charleston. Odfjell will retain a 51% ownership stake. Lindsay Goldberg would furthermore become Odfjell’s partner in developing new business in the European and North American tank terminal markets.
Odfjell sees strong growth opportunities in both Europe and North America. The purpose with the proposed partnership therefore, will be to capitalize on these opportunities by establishing a strong platform for further investments and consolidation.
Odfjell considers Lindsay Goldberg a strong and reliable long-term partner who can help fund its ambitious growth plans and provide strategic insight into the energy infrastructure industry. Lindsay Goldberg manages approximately $10 billion of equity capital and is active in Europe through Oslo-based Lindsay Goldberg Nordic and Düsseldorf-based Lindsay Goldberg Vogel.
