RCS - Aleph Commodities - Aleph Commodities Acquires Majority Stake
Aleph Commodities Acquires Majority Stake in InterTank
London, 8 October 2020
Aleph Commodities Ltd ("Aleph"), an investment and energy trading company headquartered in London, along with co-investors, has acquired a majority stake in InterTank Nordic AB ("InterTank"), an independent storage management and operations company in Sweden.
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InterTank manages over 1 million cubic meters of storage capacity across more than 20 facilities in Europe and the Middle East. The acquisition provides a platform for further investment in tank storage and related infrastructure with a special focus on renewables, and underlines Aleph's commitment to expand and grow its energy asset business.
The acquisition also provides a framework for ESG investments, as Aleph and InterTank seek to jointly develop opportunities in the renewable energy sector.
Neal Kumar, Partner at Aleph Commodities, said "InterTank is a strategic platform for further infrastructure and downstream investments. The partners in Aleph are pleased to invest and grow the business under Fredrik Lilja's leadership of InterTank. There are many areas of synergies, where the joint team can leverage InterTank's first class operations and Aleph's access to new markets in Southern Europe, the Middle East and Africa".
Fredrik Lilja, CEO of InterTank, said "We are very happy to team up with Aleph and are looking forward to working together to grow and expand our business with targeted investments in carefully selected high quality storage assets with a special focus on renewables and bio oils."
InterTank's existing management team and staff will remain in place.
Setterwalls Advokatbyrå Göteborg AB served as the legal advisors to Aleph.
Advokatfirman Glimstedt, Annika Freij & Johan Rappmann served as legal advisors to InterTank.
About InterTank
Founded in 2012, InterTank operates in Sweden, Norway, Finland, Estonia, Spain and the United Arab Emirates and has over 1 million cubic meters of storage capacity at its disposal for liquid bulk products. InterTank handles a wide spectrum of products, with the most prominent being renewables, refined petroleum products, base chemicals and various types of bio oils. The company's versatility combined with its good geographical coverage makes it possible to provide storage solutions to energy companies, commodity traders, governments and industrial users.
About Aleph
Aleph is an investment and energy trading company focused on opportunities in Europe, the Middle East and Africa. The partners have extensive experience in energy trading, investing and operations in their focus region.
For further information, please refer to:
InterTank: https://www.itank.se/en/
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