Canadian pension fund OMERS is selling its 25% stake in global energy logistics infrastructure company Exolum to Stoneshield Capital and an unnamed global investment firm.
Stoneshield said it has agreed to buy a further 15% stake in Exolum from OMERS Infrastructure. Stoneshield previously acquired a 4.93% stake in Exolum in January, when Dutch pensions asset manager APG sold its own 10% stake to a consortium led by Stoneshield and Banca March.
An unnamed global investment firm is also acquiring OMERS’s remaining 10% holding through a separate transaction.
Financial details were not disclosed.
Spanish-headquartered Exolum specialises in the transportation, storage and distribution of refined products, bulk liquids and aviation fuels.
The company owns a 4,000km transmission pipeline network in Spain and operates a further 2,000km pipeline network in the UK. The company also owns 68 storage terminals with more than 11m cubic metres of capacity and serves over 48 airports globally, including Heathrow, Gatwick, Stansted, Madrid, Barcelona, Lisbon, Lima and Charles de Gaulle.
Felipe Morenés Botín and Juan Pepa, co-founders of Stoneshield Capital, said: “As an existing shareholder, we have followed the company’s progress closely, including its international expansion, operational excellence and increasing role in supporting the energy transition.
“Increasing our investment and taking active board representation reflects our conviction in Exolum’s distinctive combination of real assets quality, geographic reach and strategic relevance, and our commitment to supporting management as the company continues to strengthen its position as one of Europe’s leading energy logistics platforms.”
Luca Lupo, senior managing director and head of Europe at OMERS Infrastructure, said: “Over the past decade, Exolum has evolved into a stronger, more diversified and increasingly international business with a growing role in supporting the energy transition.
“We have been actively involved throughout our ownership and are proud to have supported the company’s growth, diversification and progress in areas linked to lower-carbon fuels and future energy infrastructure alongside management and our investment partners.”
OMERS, which has been invested in Exolum since 2016, announced the close of €770m in new debt facilities last December at Borealis Spain Parent, the holding company for its 25% stake.
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