The logo of Japanese shipping company Mitsui O.S.K. Lines is seen at the company's head office in Tokyo July 20, 2009. REUTERS/Stringer/File Photo
By Pamela Barbaglia, Cagan Koc and Vinicy Chan
Nov 22, 2024 (Bloomberg) – US private equity firm KKR & Co. and Japanese shipping company Mitsui OSK Lines Ltd. are among bidders for bulk liquid storage company LBC Tank Terminals, people with knowledge of the matter said.
VTTI Energy Partners LP is also considering making an offer, with indicative bids due in December, said the people, who asked not to be identified as the information is private. Several other infrastructure funds, buyout firms and companies may also make preliminary offers, they said.
The sale could value the Netherlands-based company at more than €1.5 billion ($1.6 billion), the people said. APG Asset Management, Ardian SAS and PGGM, which jointly own LBC Tank Terminals, have hired Macquarie Capital to handle the auction process, they said.
Representatives for KKR, Mitsui, VTTI, APG, Ardian, PGGM and Macquarie declined to comment.
LBC operates bulk liquid storage facilities for petrochemicals, petroleum products and base oil products in Europe and the US. It also offers loading and unloading services for all modes of transportation. The company has a storage capacity of 2.9 million cubic meters and about 500 employees worldwide, according to its website. Ardian bought a 35% stake in LBC in 2017.
LBC’s owners have been working with advisers on the potential divestment of the bulk liquid storage company, Bloomberg News reported in June.
VTTI is co-owned by IFM Investors, Vitol Group and Abu Dhabi National Oil Co., according to its website.
© 2024 Bloomberg L.P.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,103 members that receive our newsletter.
Have a news tip? Let us know.
The China-Mexico trade route has experienced unprecedented growth in 2024, with shipping volumes surging 18.9% in the first nine months compared to 2023, according to Oslo-based freight benchmarking and market...
The U.S. Coast Guard has issued a new cybersecurity directive targeting Chinese-manufactured ship-to-shore cranes, addressing mounting concerns over national security vulnerabilities in America’s maritime infrastructure. MARSEC Directive 105-5 establishes additional...
Several ships in Singapore and Rotterdam reported operational problems in recent months after using marine fuel blended with cashew nutshell liquid biofuel, fuel testing agency CTI-Maritec said in an advisory on Thursday.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,103 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
