Three firms advise on Rubis Terminal´s acquisition of Tepsa

CMS Albiñana & Suárez de Lezo, Pérez-Llorca and Cuatrecasas have acted as advisers on the acquisition of Spains´s Tepsa by France´s Rubis Terminal

Rubis Terminal, a joint venture between I Squared Capital, a global infrastructure investment manager, and Rubis, a French listed company specialising in the marketing and retail of fuel products (gas, lpg and bitumen), has announced the completion of the acquisition of Terminales Portuarias (Tepsa), a leading bulk liquid storage operator in Spain.

Tepsa, previously controlled by Pétrofrance S.A., operates four coastal terminals in Barcelona, Bilbao, Tarragona and Valencia with 912,000 cubic meters of storage capacity dedicated to chemical, biofuel and conventional fuel products. Tepsa generated €52 million in revenues in 2019 and has significant growth potential resulting from its strong positioning in the Spanish market and expansion plans already underway.

This transformational acquisition will increase the size of Rubis Terminal by around 30 per cent, resulting in an aggregate storage capacity of 4.6 million cubic meters across 17 sites in five countries. Additionally, the transaction will significantly increase Rubis Terminal’s exposure to chemical, biofuel and agri-food products, with nearly 50 per cent of combined storage revenues derived from these products.

Rubis Terminal and TEPSA share common values including strong safety culture, operational excellence, a focus on environmental and social responsibility and a commitment to their customers. These core strengths and values will support Rubis Terminal’s growth through the development of its existing terminals and diversification into new regions and products.

“We have full confidence in the success of the integration between the two companies. Rubis Terminal and TEPSA share common values and vision,” said Bruno Hayem, CEO of Rubis Terminal.

“We are looking forward to being part of Rubis Terminal, with its exceptional growth opportunities for TEPSA and its team members. We already feel as if we have known each other for years,” said Nuria Blasco, CEO of Tepsa.

The deal involved several law firms from France and Spain, with CMS Spain, Pérez-Llorca and Cuatrecasas acting as counsel on Spanish matters, and is subject to approval by the Spanish administrative and antitrust authorities.

CMS Albiñana & Suárez de Lezo advised Rubis Terminal on the Spanish Tax structuring matters with a team formed by partner head of the Tax department Diego de Miguel Hernando, Tax counsel Ricardo Héctor Lorca, Corporate/M&A senior associate Ignacio Cerrato, Financial Markets & Services senior associate Marta González Araña, Employment senior associate Eva Ceca, Coprorate/M&A associate Macarena Méndez, and Tax associate Marta Rodríguez.

Pérez-Llorca advised Rubis Terminal on the Spanish legal matters with Corporate/M&A partners Francisco Iso Rivera and Rafael Díaz, along with Tax partner José Azqueta, counsel Ana Cremades Leguina and associates Ana Ibarra de la Fuente, Borja Silva.

The Pétrofrance group was advised by Cuatrecasas on Spanish legal matters with M&A partner Albert Garrofé, together with associates Xavier Morera and Cristina Peláez.

Desire Vidal