Propel to exit leading Trans Tasman bulk liquid terminal operator Marstel via sale to Stolt-Nielsen
16-Jun-11
Sydney, Australia – 15 June 2011 - Australian mid market private equity firm, Propel Investments, today announced it had entered into a definitive sale agreement to sell its 45% ownership interest in Marstel Holdings Pty Limited, a leading bulk liquid terminal operator in Australia and New Zealand, to Stolt-Nielsen Limited (Oslo: SNI), a global provider of integrated transportation and storage solutions for specialty and bulk liquid chemicals and other liquid products, for an undisclosed sum.
”It has been a pleasure to have worked with the Marstel team during an important growth phase in the company’s history. I would like to thank Marstel’s dedicated staff, particularly the management team led by Graham Catley, Anne Catley and Tim Gunning, for their vision and leadership, and I wish the company well with its next stage of development under its new ownership structure" said Albin Kurti, a Managing Director at Propel and a Director of Marstel.
Founded in 1987, Marstel operates 9 individual terminals, 4 in Australia and 5 in New Zealand. Marstel’s specialty services include the storage of bulk and packaged hazardous and non hazardous products, drum filling, contract blending and manufacturing. The product range includes petrochemicals, petroleum fuels, biofuels, lubricants, bitumen and vegetable oils.
Completion of the transaction is expected to occur in the second half of 2011, following which Stolt-Nielsen will own 70% of the company and Marstel’s founders and management will reduce their ownership level from 55% to 30%.
The sale of Marstel to Stolt-Nielsen is the fourth divestment by Propel following the recent sales of Landis+Gyr AG to Toshiba Corporation, of Bledisloe Holdings Pty Limited to InvoCare Limited and of Hudson Building Supplies Pty Limited to Crane Distribution Limited.
“This is Propel’s fourth exit to a trade buyer in the last six or so months and we are pleased to be delivering substantial liquidity to our investors” added Fraser Henderson, a Managing Director at Propel.
Marstel was advised on the sale by Greenstone Partners, Minter Ellison and Greenwood & Freehills.
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