Omega Partners III, LLC, through its subsidiary Omega Partners Illinois LLC, has signed an agreement with Oiltanking North America, LLC, which offers diverse facilities for the storage of chemicals, biofuels and petroleum products, for the acquisition of the Oiltanking Joliet terminal in Channahon, Illinois.

 

The agreement was signed on June 8, 2020. The closing of the transaction is subject to the usual external approvals, as well as transitional processes at the operations, which are scheduled for completion during the course of Q3 2020. 

 

The Oiltanking Joliet terminal is located some 50 miles (80 kilometers) southwest of Chicago, Illinois. It has a capacity of approximately 44,600 cbm (281,000 barrels) and is primarily dedicated to the storage of specialty chemicals. In addition, the terminal has excellent connections for rail, tank truck and barge transport. 

 

As part of Oiltanking's Strategy 2025, the organization is continuously evaluating and optimizing its global terminal portfolio. Notwithstanding its efforts to further expand its business in the U.S., Oiltanking North America has decided to sell the Joliet terminal due to its location and scale in the context of the overall network.

 

“Since the acquisition of the facility in 2009, Oiltanking and the local team in particular have done a tremendous job of continuously improving operational performance and customer satisfaction. We are pleased to hand over the terminal to a strong U.S. player with proven experience in terminal operations and who recognizes the capabilities and potential of this facility,” Jerry Hardman, Vice President, Business Development Americas for Oiltanking, commented after signing. 

 

“Omega is excited at the opportunity presented by this transaction and looks forward to continuing the growth initiated by Oiltanking at the Joliet terminal,” said Chris Pelligreen, a founder and principal of Omega.