A majority interest in trans-Tasman bulk liquid storage company Marstel Holdings Pty Limited (Marstel Terminals) is being acquired for an undisclosed amount by Stolt-Nielsen Limited, a global provider of integrated transportation and storage solutions for chemicals and other bulk liquids.
Marstel Terminals' New Zealand founders, Graham and Anne Catley, will retain 30 per cent ownership and stay on as executive managers.
As part of the transaction, Australian mid-market private equity firm Propel Investments agreed to sell its 45 per cent ownership interest in the company.
The new ownership structure brings together the market experience of the Catleys and the global presence and financial strength of Stolt-Nielsen Limited.
The partners intend to grow the business by maximising opportunities at existing terminals and developing new sites in Australia and New Zealand.
The acquisition is subject to government approvals.
Marstel Terminals was advised on the conduct of the sale process by Greenstone Partners, Minter Ellison and Greenwood & Freehills.
Cranleigh Merchant Bankers and Mills Oakley Lawyers provided advice to the Catleys around the selection of the new partner and negotiation of the continuing management arrangements with Stolt-Nielsen Limited, advised by Corrs Chambers Westgarth.