Colonial Terminals recently purchased two liquid storage terminals in Savannah, Georgia, from International-Matex Tank Terminals (IMTT) in a cash transaction.
Terms of the deal were not disclosed.
The two facilities located on the Savannah River boast approximately 2 million barrels of storage capacity supported by truck, rail, and deep-draft marine access into a growing region in the Southeastern United States.
“Colonial Terminals has experienced tremendous growth over the past five years thanks to the hard work of our team members and commitment from our customers,” said Christian Demere, president and CEO of Colonial Group, Colonial Terminals’ parent company. “We are excited to add new employees to the Colonial family, expand our ability to serve our customers and ensure the capacity for continued growth.”
The acquisition of IMTT’s Savannah North and South terminals increases Colonial’s storage infrastructure to more than 6.5 million barrels and adds three berths, along with approximately 130 acres of riverfront property. Products stored at these facilities include industrial chemicals, pine chemicals, specialty chemicals, petroleum, base oil, asphalt, and others. Colonial said it plans to retain all local employees who currently operate the facilities.
“Savannah is one of the premier logistical hubs in the country, and we believe in the long-term value of Savannah River terminal infrastructure,” said Ryan Chandler, president of Colonial Terminals. “Our existing facilities are reaching their natural capacity, and the acquisition of these assets will provide the foundation for continued growth for decades to come.”
IMTT said it will reinvest the proceeds from the sale to fund future capital expenditures that support the energy transition and further expand its non-petroleum footprint.
The company operates 17 other bulk storage terminals at both ends of the Mississippi Valley, the Great Lakes/St. Lawrence River System, on the Atlantic Coast in New York, New Jersey and Virginia, and on the U.S. Pacific Coast.
“The compelling offer from a local buyer with strong market connections will support our continued strategy to balance our legacy petroleum assets with new investments in energy transition projects,” said Carlin Conner, chairman and CEO of IMTT. “We believe this transaction underscores the value of the liquid storage space.
“I want to thank our employees for helping to establish these terminals as premier locations in the Savannah market.”