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Through the transaction, Lindsay Goldberg will acquire a 49% interest in each of Odfjell's tank terminals in Rotterdam, Netherlands and Houston, Texas as well as in the greenfield project in Charleston, South Carolina. Odfjell will retain the remaining 51% ownership stake. The current management teams at the respective terminals will remain in place and will be responsible for the day-to-day business. Odfjell will receive total cash consideration of USD 247 million in connection with the transaction, and the parties will invest a total of EUR 25 million of new equity to facilitate planned upgrades and capacity expansion of the Rotterdam terminal. The transaction is subject to clearance from Norwegian Competition authorities and is expected to close by end of September. “We are pleased to announce that we are now formally partners with Lindsay Goldberg. We look forward to working with them to pursue growth within the tank terminal market and to create value for our shareholders” said Jan A. Hammer, President and CEO of Odfjell. Unaudited pro forma key financials for the Rotterdam and Houston terminals are as follows: 
The total transaction includes storage capacity of refined oil products and chemicals in the amount of about 2 million cbm and a total of 465 employees. DnB NOR Markets has acted as financial advisor to Odfjell in connection with the transaction. Odfjell press release |
