Funds managed by Macquarie Infrastructure and Real Assets (MIRA) and Goldman Sachs have joined forces to buy a storage and port logistics business in Europe from Riverstone Holdings and The Carlyle Group.
Macquarie European Infrastructure Fund 5 and West Street Infrastructure Partners III (WSIP), a fund managed by Goldman Sachs’ merchant banking arm have agreed in principle to acquire HES International for an undisclosed sum.
As part of the agreement, Rotterdam-based HES will now initiate consultations where appropriate with the relevant works councils.
The financial terms of the transaction were not disclosed and should definitive transaction documentation be executed following the consultation process, completion will remain subject to legal and antitrust approvals, the shareholders said.
Riverstone and Carlyle invested in HES through Riverstone/Carlyle Global Energy & Power Fund IV and Carlyle International Energy Partners.
Riverstone holds a 70% stake in HES.
Leigh Harrison, European head of MIRA, said: “As long-term investors we are excited about the growth opportunities HES offers in dry and liquid bulk as well as its strong management team, market position in North West Europe and its focused strategy.
Together with our partner WSIP, we are looking forward to supporting management in expanding the business through new growth projects.”
Philippe Camu, co-head and co-chief investment officer of the infrastructure investment group within the Merchant Banking Division of Goldman Sachs, said: “We are pleased to invest in HES alongside MIRA and are keen to support the company in its next stage of development.
”The HES team has built an impressive business underpinned by strong customer relationships and strategic locations in Europe’s key ports. We look forward to drawing on our experience in the sector for the benefit of HES and its stakeholders.”
HES is a diversified port terminals business in Europe and focuses on the storage and handling of liquid bulk products.
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