Firms: Baker & McKenzie (consortium of three buyers - PGGM, APG Algemene Pensioen Groep (both Dutch pension funds) and an Australian superannuation investor)
Deal: Acquisition of 66.2 per cent of the shares in Challenger LBC Terminal Jersey (LBC) from Challenger Infrastructure Fund
Value: $US277.8 million
Key players: The deal was co-led by partner and London head of energy, mining and infrastructure Hugh Stewart, supported by senior associate Jannan Crozier. Australian partner Kenneth Gray managed the Australian law aspects of the transaction. Other team members included partner Marc Fèvre, senior associate Marni Riley and associate Oxana Chipperfield.
Deal significance: LBC is one of the world's largest independent operators of tank storage facilities for Liquid Bulk Chemical products. Bakers’ private equity partner David Allen, who co-led on the deal, said the acquisition “represents one of the most significant infrastructure transactions in 2012 to date”.
“LBC is a very attractive asset and has shown significant resilience to fluctuations in the global macro situation,” said Allen.
LBC currently manages a substantial network of port terminals with a combined storage capacity of close to 2.6 million cubic meters at key locations in the USA and China and along the European coastline in the Netherlands, Belgium, France, Spain and Portugal. The consortium has also signed a binding sale and purchase agreement to purchase the 3.8 per cent ownership held by Challenger Life in Challenger LBC Terminals Jersey Limited.
PGGM is a leading Dutch pension administrator with roots in the healthcare and social work sectors. It managed over €121 billion of pension assets of more than 2.3 million Dutch participants (April 2012). APG administrates over 30 per cent of all collective pension schemes in the Netherlands and manages pension assets of approximately €301 billion (March 2012).