J.P. Morgan Asset Management and Ontario Teachers’ Pension Plan have closed their joint acquisition of Koole Terminals, an energy storage company in Northwestern Europe, from EQT Infrastructure. No financial terms were released; however, Reuters reported in September that Koole’s potential sale valued the business at more than 1 billion euros (US$1.1 billion). Members of the Koole family and the senior management team are expected to retain an ownership interest in the company, which is based in Zaandam, The Netherlands. According to Reuters, a number of infrastructure and private equity firms, including Borealis Infrastructure, were bidding for Koole.
J.P. Morgan Asset Management and Ontario Teachers’ complete acquisition of Koole Terminals
December 16, 2015
TORONTO – J.P. Morgan Asset Management – Global Real Assets, together with Ontario Teachers’ Pension Plan (Ontario Teachers’), today announced the completed acquisition of Koole Terminals, a leading independent storage company in northwest Europe, from EQT Infrastructure.
Terms of the transaction are not being disclosed. It is expected the Koole family, as well as certain members of the senior management team of Koole Terminals, will maintain an ownership stake in the company.
Headquartered in the Netherlands, Koole Terminals operates eight tank storage terminals and a fleet of 12 barges and three coasters. Koole Terminals has a total storage capacity of over two-million cubic meters, handling a wide range of liquid bulk products including vegetable oils, mineral oil products, waxes and other liquid products in Rotterdam, Zaandam, Amsterdam, Nijmegen, United Kingdom and Poland.
About Ontario Teachers’
The Ontario Teachers’ Pension Plan (Ontario Teachers’) is Canada’s largest single-profession pension plan, with $154.5 billion in net assets at December 31, 2014. It holds a diverse global portfolio of assets, 80% of which is managed in-house, and has earned an annualized rate of return of 10.2% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East and Africa region office is in London. The plan, which is fully funded, invests and administers the pensions of 311,000 active and retired teachers in the province of Ontario. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $87 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of September 30, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management’s Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: jpmorgan.com/institutional/global_real_assets
J.P. Morgan Asset Management
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Photo courtesy of Koole Terminals