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EQT to acquire US Westway Group, premier provider of bulk liquid storage

Friday, 21 December 2012
Swedish Private Equity fund, EQT said on Friday it would launch a public tender offer to buy U.S.-listed liquid storage provider Westway Group, Inc. (WWAY) for about $419 million.

It writes in a press release that pursuant to the tender offer, an affiliate of EQT Infrastructure II will acquire all of the outstanding equity securities of Westway for approximately USD 419 million in aggregate cash consideration or USD 6.70 in cash per common share.

The Company has also entered into a definitive agreement (the “ED&F Man Transaction”) to sell its liquid feed supplement business and certain bulk liquid storage terminals located in Ireland, Denmark, Korea and the United Kingdom to an affiliate of ED&F Man Holdings Limited, the Company’s largest stockholder, for a purchase price of approximately USD 115 million, subject to adjustment.

Headquartered in New Orleans, Louisiana, Westway is a premier provider of storage and related services to owners of bulk liquid products worldwide. After giving effect to the ED&F Man Transaction, the Company has over 330 million gallons of storage capacity through a global network of 19 terminal locations including 14 in the U.S., 1 in Canada and 4 in Europe. The Company is focused on niche liquid products and customized service offerings with strong margin potential and has a leading market position in the agricultural and chemical commodity sectors. Key products stored include petroleum oils, caustics, asphalts, vegetable oils, methyl esters, chemicals and molasses products, among others.

“Westway has a strong history of providing value-add storage services to a loyal customer base, and we look forward to partnering with its exceptional management team. Demand for storage services continues to grow as the global supply chain for a number of industries becomes increasingly complex. We believe that Westway’s ability to provide high quality and reliable storage services to existing customers while also expanding storage services to other growing markets will help foster its next stage of development,” says Glen T. Matsumoto, Partner at EQT Partners, Investment Advisor to EQT Infrastructure II.
Based on a press release

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