Macquarie Asset Management (Macquarie), via Lombard Odier Macquarie Infrastructure Fund, has reached an agreement to sell TanQuid to Sunoco LP.
TanQuid is the largest independent liquid petrochemical storage operator in Germany, providing external storage and shipment services to international mineral oil and chemical industry clients. TanQuid operates over 3 million cubic metres of storage facilities across 15 inland sites in Germany and one in Poland located in strategically important transportation points.
Macquarie-managed funds first invested in TanQuid in 2005. During its 20-year ownership, Macquarie has supported the business through organic growth and strategic acquisitions. Over the period, the total capacity of the portfolio was increased from 2.5 million cubic metres to more than 3.1 million cubic metres today and the number of tank farm sites have doubled from 8 to 16.
As part of the portfolio's continued growth, TanQuid's business was diversified towards energy transition products, becoming one of the first German operators to store commercial hydrotreated vegetable oil and sustainable aviation fuel, and continues to lead the German commercial market in the storage and handling of these products. In addition, under Macquarie's ownership TanQuid strengthened its focus on operational excellence and effective risk management, resulting in an improved health and safety record and is presently rated 1st in terms of Performance Score within the Energy Resource Storage peer group by GRESB.
Cord von Lewinski, Managing Director at Macquarie Asset Management, said: "Today marks the end of a significant journey with one of the longest held assets in Macquarie's platform. Since our initial investment in 2005, TanQuid has undergone exceptional growth and is now a market leader in storage for products supporting the energy transition and petrochemicals. It has been a pleasure to have supported TanQuid over the past two decades, and we wish the company the very best as it embarks on the next phase of its journey."
The transaction is expected to reach financial close in 2025, subject to regulatory approvals and satisfaction of customary closing conditions.
