US private investment firm Riverstone Holdings has agreed a deal to buy International-Matex Tank Terminals (IMTT) from Macquarie Infrastructure Corporation for US$2.685 billion (€2.263 billion).
IMTT was established in 1939 and operates 19 terminals in with a total storage capacity of 48 million bbl. It stores and handles bulk liquid products for the energy, industrial, consumer, and transport industries. Its share of non-petroleum commodities is growing. It largely operates in the US and Canada, with facilities in major economic hubs. Around a third of its capacity is the New York Harbor with another third in the Lower Mississippi River.
‘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,’ says Carlin Conner, senior advisor to Riverstone.
IMTT will retain its name and operate as a portfolio company of Riverstone following the completion of the transaction, which is expected in late 2020 or early 2021.