Macquarie Asset Management is selling German terminal operator TanQuid to Sunoco in a €500m deal.
Macquarie, which is selling TanQuid through Lombard Odier Macquarie Infrastructure Fund, said its funds initially invested in TanQuid in 2005. Over its 20-year ownership, Macquarie supported the firm’s organic growth and strategic acquisitions.
During this period, the portfolio’s total capacity increased from 2.5m to over 3.1m cubic metres, and the number of tank farm sites doubled from eight to 16 to make TanQuid the largest independent liquid petrochemical storage operator in Germany.
TanQuid operates storage facilities across 15 inland sites in Germany and one in Poland.
American energy firm Sunoco said it has agreed to acquire TanQuid for approximately €500m including approximately €300m of assumed debt.
Cord von Lewinski, managing director at Macquarie Asset Management, said: “Today marks the end of a significant journey with one of the longest held assets in Macquarie’s platform. Since our initial investment in 2005, TanQuid has undergone exceptional growth and is now a market leader in storage for products supporting the energy transition and petrochemicals.
“It has been a pleasure to have supported TanQuid over the past two decades, and we wish the company the very best as it embarks on the next phase of its journey.”
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