Antin Infrastructure Partners has entered into a binding agreement for the sale of its 35.6% stake in MSFFH, the holding company of Pisto, to a Macquarie Infrastructure and Real Assets (MIRA) managed vehicle.
Pisto is an independent oil midstream company in France. It operates two import-export oil terminals at the Port of Le Havre, owns a 32% interest in the Trapil pipeline company, and has six oil storage and distribution depots in the greater Paris area and the West of France.
Closing of the transaction is expected later in Q3 2016 and is subject to applicable regulatory approvals. Antin was advised by Rothschild as sole financial advisor.
This transaction marks the third successful exit for Antin’s Fund I, following the sale of Porterbrook in October 2014 and the sale of Antin Solar Investments in April 2016.
Stéphane Ifker, Senior Partner at Antin leading the transaction, stated,
“Since our initial investment in the company in 2010, we have supported an important capital expenditure programme to anticipate changes in market dynamics and product mix, and as a result to position the business on a sustainable growth trajectory. Significant value was also realised from active capital management to prepare our exit.”
Alain Rauscher, CEO and Managing Partner at Antin added,
“With a strong management team in place, we have now completed our value creation plan for the business. After more than six years of uninterrupted growth and fruitful collaboration with our co-shareholder, MIRA, Antin has decided to sell its interest in Pisto to a MIRA-managed vehicle, who will continue to work hand in hand with Management to grow the company.”
Olivier Peyrin, CEO of Pisto, commented,
“Antin has been an active owner and partner during the last six years, supporting us through a changing market environment with a constant endeavour to invest and strengthen our business. Today Pisto is a leading European midstream company, fully integrated and active in all the segments of the value chain. We look forward to our continuing collaboration with Macquarie to actively pursue further growth opportunities.”