November 16, 2020 [Oil and Gas 360] – Riverstone Holdings LLC (“Riverstone”) announced today that they have entered into a definitive agreement to buy International-Matex Tank Terminals (the “Company” or “IMTT”) from Macquarie Infrastructure Corporation for total consideration of $2.685 billion subject to customary closing adjustments.

 
Established in 1939, IMTT is an industry leader in the storage and handling of bulk liquid products that are used in energy, industrial, consumer, and transportation industries. The Company operates 19 terminals and has total storage capacity of approximately 48 MMbbls.

“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.

IMTT’s operations are concentrated in critical US economic hubs and underpinned by a diversified base of customers and products served, including large and growing positions in commodities other than petroleum products. Approximately one-third of the Company’s storage capacity is in each of the New York Harbor and Lower Mississippi River. The balance of the Company’s assets are spread across the US and Canada .

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.

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