Lindsay Goldberg buys 49 per cent stake in Odfjell’s tank terminals

Lindsay Goldberg buys 49 per cent stake in Odfjell’s tank terminals

11:53 AM, 23rd May 2011
Lindsay Goldberg buys 49 per cent stake in Odfjell’s tank terminals
Jan A Hammer, President and CEO, Odfjell.

BERGEN, NORWAY: Odfjell announced Lindsay Goldberg will acquire a 49 per cent 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 per cent ownership stake. Lindsay Goldberg would furthermore become Odfjell’s partner in developing new business in the European and North American tank terminal markets.

Odfjell has agreed to form strategic partnership with affiliates of US-based private equity firm Lindsay Goldberg LLC, with reference to an announcement in which Odfjell announced a process to evaluate strategic alternatives for its Rotterdam tank terminal.

The company sees strong growth opportunities in both Europe and North America. The partnership will capitalize on these opportunities with further investments and consolidation.

Lindsay Goldberg is considered to be a strong and reliable long-term partner, managing approximately $10 billion of equity capital and is active in Europe.

“Lindsay Goldberg is a strong financial investor with a long-term approach to developing businesses and creating value. Odfjell believes that the proposed partnership will be well positioned to secure further growth,” said Jan A Hammer, President and CEO, Odfjell.

The letter of intent contemplates a transaction that values Odfjell’s assets at approximately 10x EBITDA. In addition, the parties intend to invest EUR 25 million as new equity into Odfjell terminals (Rotterdam) to facilitate the company’s capacity expansion plans.

(C) WOC News

 

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