Odfjell: Strategic Partnership with Lindsay Goldberg

(Press Release)
Wednesday, August 17, 2011

Reference is made to the stock exchange announcement of 18 May 2011, in which Odfjell announced its intentions to enter into a strategic partnership with Lindsay Goldberg LLC to grow its tank terminal business in Europe and North America.
Odfjell signed definitive agreements for a strategic partnership with Lindsay Goldberg LLC, a US-based private equity firm. The partnership enhances our platform for organic and strategic investments and expansions in the tank terminal business in Europe and North America. We believe there are attractive expansion opportunities in the tank terminal sector and consider Lindsay Goldberg as a reliable long-term partner with a shared strategic view and ambition.
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.
DnB NOR Markets has acted as financial advisor to Odfjell in connection with the transaction.

 


 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tanzania's Energy Minister Resigns

Tanzania's Energy and Minerals Minister Sospeter Muhongo resigned on Saturday amid a graft scandal that has rocked the gas-rich country and led Western donors to delay aid,

China's COSCO Group Returns to Profit

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman.

Brent Closes Up, U.S. Crude Down After Saudi King Dies

Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king,

Finance

Oil Majors to Preserve Dividends Despite Oil Collapse

Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and

China's COSCO Group Returns to Profit

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman.

Brent Closes Up, U.S. Crude Down After Saudi King Dies

Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1891 sec (5 req/sec)