Odfjell signs strategic partnership with Lindsay Goldberg

Odfjell SE, a Norwegian company involved in the transport and storage of bulk liquid chemicals, acids, and edible oils, signed a strategic partnership with the U.S. private equity firm Lindsay Goldberg LLC. The new partnership will allow Odfjell to expand its tank terminal business in Europe and North America. Under the terms of the agreement, Lindsay Goldberg will acquire 49% interest in Odfjell’s tank terminals and the company’s South Carolina greenfield project. Odfjell will receive US$247 million under the agreement. Both partners will invest €25 million (US$33.8 million) for facility expansion and upgrades of Odfjell’s Rotterdam terminal. The transaction covers 85 ships, 465 employees, nine fully or partially owned tank terminals and 12 associated tank terminals. The partnership agreement is subject to the approval of the Norwegian Competition authorities. (August 17, 2011)