Infrastructure funds managed by Aberdeen Standard Investments and DIF have partnered to buy oil terminals firm Unitank for an undisclosed sum.
SL Capital Infrastructure II and DIF Core Infrastructure Fund I will each buy a 50% stake in the Hamburg-headquartered company from its family owners.
Unitank owns and operates five terminals in Germany and one terminal in Belgium. The terminals handle diesel, gasoline, jet fuel and heating oil and have a total storage capacity of 1.1m cubic metres.
Dominic Helmsley, the head of economic infrastructure at Aberdeen Standard Investments, said: “We consider Unitank to be a highly successful provider of storage capacity for strategic stockholding agencies and a key strategic partner for oil majors.
“We value the company’s historic growth and see significant future upside. Together with our partner DIF we look forward to working closely with Unitank management in supporting the business and exploring further business opportunities.”
Willem Jansonius, a partner and head of core infrastructure at DIF, said: “We firmly believe in the strategy as set by the current shareholder and management team.
“We are impressed with the commercial re-positioning of the business and its importance in providing essential services in its clients’ supply chains.”
Jan Westedt, Unitank owner, said: “Our family has run Unitank over two generations with a strategy emphasising close and trusted partnerships with our clients and employees, which were key elements of our success story.
“We are glad that DIF and ASI together with the management team will continue to pursue a long-term investment strategy centred around our philosophy and corporate culture.”
The deal is subject to European Commission merger clearance.