Macquarie Buys Out Bulk Terminal Owner in $1B Deal

NEW YORK CITY—Macquarie Infrastructure Co. said Monday that it had agreed to buy the 50% of International-Matex Tank Terminals that it didn’t already own. MIC will purchase the remainder interest from members of the Coleman family, which founded the New Orleans-based owner/operator of bulk liquid storage facilities across North America, for $910 million in cash and $115 million in stock.

MIC says the deal implies an enterprise value of 10.7 times trailing EV/EBITDA for IMTT. CEO James Hooke says that 100% ownership of IMTT “will deliver dividend growth for shareholders of MIC and further enhance our ability to drive operational improvement and growth investments at IMTT. In addition, we expect the acquisition will fortify MIC’s stable, largely contracted revenue based business model.” He adds that MIC expects to deploy growth capital across IMTT’s operations.