Riverstone to purchase International-Matex Tank Terminals

Riverstone Holdings recently agreed to buy International-Matex Tank Terminals (IMTT) from Macquarie Infrastructure Corporation for a total consideration of $2.685 billion.

Established in 1939, IMTT is an industry leader in the storage and handling of bulk liquid products that are used in energy, industrial, consumer and transportation industries. The company operates 19 terminals and has total storage capacity of approximately 48 million barrels (MMBbls).

“Riverstone has a long-standing track record owning and operating terminal assets, and we are excited about the opportunities at IMTT to drive growth and performance to deliver attractive returns to our investors,” said Baran Tekkora, partner and co-head of private equity at Riverstone.

IMTT’s operations are concentrated in critical U.S. economic hubs and underpinned by a diversified base of customers and products served, including large and growing positions in commodities other than petroleum products. Approximately one-third of the company’s storage capacity is in each of the New York Harbor and Lower Mississippi River. The balance of the company’s assets is spread across the U.S. and Canada.

“IMTT is one of the premier independent terminaling platforms in the world,” said Carlin Conner, senior advisor to Riverstone. “The company is in a great position to leverage its leading North American locations to continue providing services across refined petroleum products, chemicals, vegetable and tropical oils, and renewable fuels.”

Closing was expected in late 2020 or early 2021, and was subject to customary approvals and closing conditions. Riverstone said IMTT will retain its name and operate as a Riverstone portfolio company.

“IMTT is a unique infrastructure platform that has supported the growth and evolution of its customers and markets for many years,” said John Jessup, managing director at Riverstone. “We are excited to be a part of the next phase of that tradition.”