octo.
04
2008 | Macquarie funds acquire PISTO SAS (CIM, CCMP, TRAPIL)
Infrastructure funds managed by the Macquarie Group (Macquarie) announce the acquisition of PISTO SAS, a French holding company which owns Compagnie Industrielle Maritime (CIM), Compagnie Commerciale de Manutention Pétrolière (CCMP) and a significant stake in TRAPIL.
PISTO SAS owns:
- 100 per cent of Compagnie Nationale de Navigation (CIM), which holds the concession to operate the Terre Plein Sud and Antifer oil terminals at Le Havre port and their oil storage facilities
- 100 per cent of Compagnie Commerciale de Manutention Pétrolière (CCMP), which owns and operates oil storage and distribution facilities in the Paris area and the west of France
- 32 per cent of the capital of TRAPIL, the owner of the oil pipeline network between Le Havre, Paris, Orléans and Tours, and operator of several refined product pipelines in the French territory.
PISTO holds a significant presence in the downstream oil logistics sector in France as the storage capacity of CIM and CCMP totals six million cbm and they handle 45 million tons of refined oil products while Trapil transports 20 million tons of refined oil products per annum.
“Macquarie takes a long-term, responsible approach to its infrastructure investments,” said Ross McInnes, Chairman of Macquarie Capital in France. “We seek quality, long-term assets that provide a stable earnings profile. PISTO’s businesses are a perfect fit, and we intend to further invest in them to ensure they have a sustainable future.”
Gregory Osborne, CEO of the acquiring funds, said: “The PISTO businesses are complementary to the infrastructure portfolios of the investing funds. Our experience in managing the TanQuid businesses in Germany give us a strong understanding of the investment requirements and management of these strategic assets, to ensure long-term sustainable returns while continuing to provide quality service to all stakeholders."
This transaction represents the second largest investment in France for infrastructure funds managed by Macquarie, after the co-investment along with Eiffage in the toll road group APRR in 2006.
Through its specialist funds, Macquarie is a global leader in infrastructure investment and management, investing in more than 100 assets around the world, including more than 30 in Europe. Among these assets, Macquarie manages TanQuid, the leading independent oil and chemical storage operator in Germany. Tanquid has experienced strong growth under Macquarie ownership with strategic bolt-on acquisitions and new long term contracts signed by the business. TanQuid has also focused on risk management and can be proud of its record in terms of health, safety and the environment.
PISTO SAS was previosuly owned by Compagnie Nationale de Navigation, BNP Paribas Développement and several investment funds managed by Banexi and Bridgepoint. The PISTO SAS transfer has been unanimoulsy supported by the Central Committee of Compagnie Industrielle Maritime (CIM SNC), the main union of PISTO SAS employees, and approved by competition authorities.
Source : Communiqué MACQUARIE
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