I Squared Capital Enters Into Exclusive Negotiations With Rubis SCA to Acquire Remaining Stake in Rubis Terminal

Transaction would take I Squared’s stake to 100% and will support Rubis Terminal in its continued growth and diversification, notably into energy transition opportunities.

PARIS & LONDON, March 13, 2024--(BUSINESS WIRE)--I Squared Capital, a leading independent global infrastructure investment manager, today announced it had entered into exclusive negotiations to acquire the remaining 55% stake in Rubis Terminal that it does not already own from Rubis SCA, a French energy group. If completed, the transaction would bring I Squared’s ownership of Rubis Terminal to 100%, reinforcing its commitment to the company. The equity value of the acquired stake is €375 million.

Commenting on the acquisition, Mohamed El Gazzar, Senior Partner, I Squared Capital said: "With facilities at the heart of some of the most important trading hubs in Europe, Rubis Terminal plays a critical role in supporting the energy transition and ensuring security of supply. This transaction underscores I Squared’s confidence in Rubis Terminal’s transition strategy and our commitment to its continued growth."

Rubis Terminal is among the leading players in Europe in the bulk liquid and gas storage sector with 4 million cubic meters of storage capacity across France, Spain and the Northern European hubs of Antwerp and Rotterdam.

I Squared initially invested in Rubis Terminal in January 2020, purchasing 45% of the equity stake held by Rubis to implement a strategy of diversification and geographic expansion, which has created significant value for the company.

Over the last four years, and with the support of I Squared, Rubis Terminal has successfully acquired and integrated TEPSA, a leading storage provider to the chemical and biofuel sectors in Spain, disposed of an oil-weighted terminal in Turkey, invested nearly €150 million into the expansion of primarily chemical and biofuel capacities across all geographies, and put in place a highly attractive infrastructure financing package.

As a result of such initiatives, more than 70% of Rubis Terminal’s revenues today are derived from sustainable products and the company has a robust pipeline of projects to further diversify its product mix.

Looking ahead, Rubis Terminal is well-positioned to play a key role in the energy transition with the ambition to serve as the go-to logistics provider to new energy developers.

Closing Conditions

This contemplated transaction remains subject to the information and consultation process of the relevant employee representative bodies in accordance with applicable laws, as well as customary regulatory approvals including antitrust authorities and foreign investment committees. Closing is expected by mid-year 2024.

About I Squared Capital

I Squared is a leading independent global infrastructure investment manager with over $38 billion in assets under management focused on investing in North America, Europe, Asia, and Latin America. Headquartered in Miami, the firm has more than 260 professionals across its offices in London, New Delhi, São Paulo, Singapore, Sydney and Taipei. I Squared Capital has invested in a diverse portfolio of 82 companies with over 66,000 employees in 71 countries across the utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure sectors providing essential services to millions of people around the world. You can find out more by visiting: www.isquaredcapital.com

I Squared in Europe

I Squared has been investing in Europe out of London since 2013 and has owned and operated 14 European infrastructure companies in 26 countries. Its portfolio spans high quality, resilient infrastructure assets in the energy, waste, transportation and logistics, and telecoms industries.

Disclaimer

No discussion with respect to specific companies should be considered a recommendation to purchase or sell any particular investment. The companies discussed do not represent all past investments. It should not be assumed that any of the investments discussed were or will be profitable, or that recommendations or decisions made in the future will be profitable. Past performance is not indicative of future results, and there can be no assurance that any investment will achieve similar returns.

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Contacts

I Squared
Brunswick Group isquared@brunswickgroup.com
UK: Fiona Micallef-Eynaud / Peter Hesse +44 207 404 5959
France: Aude Lepreux +33 (0)1 53 96 83 83