Ardian has acquired an additional equity stake in Compañía Logística de Hidrocarburos (CLH) Group, the Spanish oil products and storage company, from Repsol.
Under the terms of the agreement, Repsol will sell the 10% stake it held in CLH to Ardian for €325 million (US$363.7 million). According to Repsol, the sale of CLH will generate a capital gain for the company of €300 million. BBVA has acted as Repsol’s exclusive financial advisor.
With this investment Ardian has reinforced its position as the largest shareholder in the company, increasing its shareholding to 25%. Ardian first became a shareholder in CLH in 2011 with the acquisition of a 10% stake, before acquiring an additional 5% stake in 2013. This new investment in CLH is further evidence of Ardian’s long-term commitment to essential infrastructure projects in Europe.
CLH is the owner and operator of the largest Spanish oil products and storage network, with more than 4,000 km of pipeline and 7 million m³ of storage capacity in Spain, including strategic national reserves. CLH recently acquired the GPSS (Government Pipeline and Storage System), the largest oil distribution network in the United Kingdom, with a pipeline network of 2,000 km, which represents 50% of the UK’s total network. GPSS also has 16 storage facilities with more than one million m³ combined storage capacity.
Mathias Burghardt, Member of the Executive Committee and Head of Infrastructure at Ardian, said:
“This investment will provide certainty and stability to CLH, a critical infrastructure asset in Spain. Ardian Infrastructure will continue to support the company's efforts in providing its clients with the most efficient and reliable logistics services in Europe while leading the industry in further innovation.”
Juan Angoitia, Managing Director of Infrastructure at Ardian, added:
“Following the opening of its Madrid office in September, Ardian continues to strengthen its presence in Spain, where the company sees great opportunities. Having concluded our three transactions in CLH with customers and industrial shareholders highlights our ability to secure deal flow thanks to our local presence and network and to share long term vision for strategic assets.”