A joint venture between I Squared Capital and Rubis, a French company specializing in the storage of petroleum products, has acquired TEPSA, a Spain-based bulk liquid storage operator for an undisclosed amount.
TEPSA, controlled by Petrofrance, operates four coastal terminals in Barcelona, Bilbao, Tarragona and Valencia, with 912,000 cubic meters of storage capacity dedicated to chemical, biofuel and petroleum products.
The agreement was signed with planned completion contingent upon approval from the Spanish administrative and antitrust authorities.
This acquisition marks the first transaction for the joint venture known as Rubis Terminal, which was formed in April. The acquisition increases the size of Rubis Terminal by 30 percent and will help expand the joint venture’s geographic footprint. Rubis Terminal is looking to create a platform to capture product flows in the Mediterranean region, as well as to explore an entrance into high-growth markets in
