Rubis Terminal to Acquire Spain’s Tepsa
French storage operator Rubis Terminal is to take over leading Spanish bulk liquid storage firm Tepsa in what it describes as a “transformational and strategic acquisition” that will increase its business by about 30%. The transaction is subject to approval from Spanish regulatory authorities.
Owned by French fuel distributor Petrofrance, Tepsa has four coastal terminals located in Barcelona, Bilbao, Tarragona and Valencia offering a total of 912,000m3 of storage capacity for chemical, biofuel and petroleum products.
Rubis said Tepsa, which generated revenues of €52 million in 2019, has significant growth potential due to its strong position in the Spanish market and expansion plans already underway. In February this year, Tepsa started on the second phase of an expansion project in Tarragona, which will add nearly 14,000m3 to its existing capacity of 71,450m3.
The acquisition is also the first since parent Rubis Group formed the Rubis Terminal joint venture with US private investor group I Squared Capital in April 2020. Rubis owns 55% in the venture with I Squared Capital holding 45%. The partners said the move would accelerate Rubis Terminal's strategic plan to strengthen its position within its current footprint, diversify its product offerings and explore potential expansion outside Europe.
“This acquisition is only the first step in a strategy which further consolidates Rubis Terminal’s leadership position, while diversifying its activities and its footprint,” said Gilles Gobin, founder and managing partner of Rubis. “This first acquisition demonstrates the positive dynamism brought by our Franco-American cooperation, based on the common objective to drive long-term growth.”
Rubis added that the purchase of Tepsa will create a platform to capture product flows in the Mediterranean region as well as explore an entrance into high-growth markets in Latin America. In addition, the deal increases the relative weight of the growing chemical sector within its business, where commercial synergies are expected with Rubis Terminal’s existing positions in France and in the Amsterdam/Rotterdam/Antwerp area in the Netherlands and Belgium.
Rubis Terminal operates 13 terminals across France, the Netherlands, Belgium and Turkey, with a total capacity of 3.6 million m3.
