Tepsa Terminals Image
Tepsa Terminals Image
Tepsa Terminals Image
Tepsa Terminals Image
Tepsa Terminals Image

Rubis Terminal to absorb TEPSA

July 30, 2020
I Squared, Rubis joint venture expanding in Spain with acquisition of leading bulk liquid products storage company

Rubis Terminal recently agreed to acquire bulk liquid storage operator TEPSA, which is based in Spain.

The transaction will close upon approval from Spanish administrative and antitrust authorities, according to Rubis, which jointly controls Rubis Terminal with infrastructure funds partner I Squared Capital.

Rubis specializes in the storage of petroleum products.

“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,” said Gilles Gobin, founder and managing partner of Rubis. “This first acquisition demonstrates the positive dynamism brought by our Franco-American cooperation, based on the common objective to drive long-term growth.”

TEPSA, controlled by Pétrofrance SA, operates four coastal terminals in Barcelona, ​​Bilbao, Tarragona and Valencia, with more than 32 million cubic feet of storage capacity dedicated to chemical, biofuel and petroleum products. TEPSA generated revenue in excess of $61 million in 2019 and boasts “significant growth potential” resulting from its positioning in the Spanish market and expansion plans already underway, Rubis said.

“The sale of TEPSA represents an important milestone in the company’s history,” said Jacques Nahmias, chairman of Pétrofrance SA. “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.”

The “transformational” acquisition, which increases the size of Rubis Terminal by around 30%, is the first since the Rubis-I Squared Capital joint venture was formed in April 2020.

“This acquisition shows the strength of the partnership between a large industrial group and an independent, global infrastructure investment manager,” said Sadek Wahba, chairman and managing partner of I Squared Capital. “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.”

Rubis Terminal said the strategic acquisition creates a platform for capturing product flows in the Mediterranean region, and for exploring an entrance into high-growth markets in Latin America. In addition to diversifying Rubis Terminal’s geographic footprint, the 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).

“TEPSA is very close to Rubis Terminal in terms of corporate culture and the high quality of its assets, its leaders and its teams,” said Bruno Hayem, CEO of Rubis Terminal. “This strategic alliance will bring significant growth potential and the capacity to strengthen the services offered to our clients.”

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