The equity firm will acquire CLH from DISA (DISA Financiacion SAU and Disa Peninsula SLU), the fifth largest service-station operator in Spain.
CLH owns and operates the refined oil products pipeline network in Spain, with more than 4,000 km of pipelines and seven million m3 of storage capacity.
AXA Private Equity considers CLH a strategic asset in Spain for the logistics and distribution of refined oil products.
Whilst CEPSA, a large customer of CLH, remains the largest single investor in the company with a 14.15% stake, AXA Private Equity will become one of the largest investors in the company by acquiring a 10% stake.
AXA Private Equity head of Infrastructure Mathias Burghardt said that the investment in CLH is consistent with the strategy to invest in core infrastructure assets, offering protection against inflation and low volatility. This second investment in Spain enhances the position as Europe’s leading infrastructure investor.
"CLH has a low level of financial leverage and is well placed to benefit from an eventual economic recovery in Spain. This is an excellent investment in a strategic asset in Spain and we are pleased to be sitting alongside world class investors who share our long term vision with us," Burghardt said.
Banco Santander has acted as exclusive financial advisor to AXA Private Equity on the transaction.
