LONDON 21 December 2015: Macquarie Capital and Greenergy have partnered to establish Navigator Terminals (“Navigator”) which will acquire Royal Vopak’s UK storage facilities at West Thurrock on the Thames, Seal Sands at Teesside and Windmill near Cardiff. Simultaneously, Navigator will also acquire the operational storage assets of Greenergy North Tees at Teesside.
These acquisitions will give Navigator an initial storage capacity of approximately 1.5 million cubic meters, making it the UK’s largest independent bulk liquid storage provider. Each terminal is strategically located in an area of significant regional demand.
Andrew Owens, Greenergy Chief Executive comments, “Our participation in Navigator ensures our continued access to the infrastructure assets that currently underpin our UK supply position. It gives us greater flexibility at these facilities, ensuring we will be best placed to deliver low cost and resilient fuel supply for our customers in the long-term. As an infrastructure investment company, Navigator will also provide a vehicle to fund further infrastructure acquisitions supporting our continued growth in the fuels sector.”
Neil Arora, Senior Managing Director, Macquarie Capital said, “Greenergy is the leading provider of wholesale fuels in the UK and uniquely placed to lead investment in the UK storage sector. We are delighted to partner with Greenergy to establish Navigator Terminals. This transaction is another example of the flexible, partnership capital Macquarie Capital is able to deploy to support clients globally.”
There are no plans to change existing operations or management and staff of the terminals. Navigator will continue to provide ongoing fuel, crude oil and chemical storage for a wide range of customers at the terminals. Greenergy will continue as principal customer of Navigator for fuel storage at the West Thurrock and Teesside terminals. Navigator is committed to maintaining the highest standards of safety across its operations and will combine the best of Vopak’s and Greenergy’s safety systems and culture at all facilities.
As part of the transaction Greenergy has entered into long-term off take agreements with Navigator at West Thurrock, Seal Sands and North Tees, where it currently stores and supplies fuel. In addition, Navigator has committed to build a new diesel pipeline to link the deep water jetty at North Tees with the neighbouring Seal Sands terminal, further integrating these two facilities and increasing operational efficiencies for the benefit of all customers.
The acquisitions are scheduled to complete towards the end of the first quarter 2016.
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Greenergy is a UK based oil company with international operations. It is the leading national provider of road fuel, supplying more than 15 billion litres of fuel to the UK annually, with significant infrastructure and service capability. Greenergy supplies fuel from 26 terminals across the UK to customers including oil companies, supermarkets, petrol stations and fleet users. By investing in infrastructure over the last decade, Greenergy has created a unique supply chain that allows it to source fuel products from the lowest cost global producers and move that fuel in the most efficient way to customer forecourts. Navigator will own and operate facilities that are strategically important to its fuel supply chain.
Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. Macquarie Capital provides strategic M&A and capital raising advice as well as partnering with clients to provide capital to facilitate transactions through equity co-investment and lending. Macquarie Capital has a strong track record of principal investing alongside clients having invested approximately £2 billion globally across a range of industries, structures and jurisdictions since 2008.