TPG Rise Climate has signed a definitive agreement to acquire Olympus Terminals, an independent storage provider for renewable fuels and refined products in Southern California, according to a news release.
Intrepid Partners served as financial advisor and Paul Weiss, Rifkind, Wharton & Garrison served as legal counsel to Olympus. Jefferies served as financial advisor and Kirkland & Ellis served as legal counsel to TPG.
Olympus Terminals is majority owned by an affiliated investment fund of Davidson Kempner Capital Management and an affiliated investment fund of Intrepid Investment Management.
Headquartered in Long Beach, California, Olympus Terminals owns and operates two storage terminals, including one at the Port of Long Beach with deepwater dock access, and an interconnected pipeline network in the region. The company’s assets play a key role in the renewable diesel value chain in California.
RD penetration (of total diesel pool) is expected to increase significantly in California over the next five years, creating a growing need for import and logistics infrastructure. In addition to being well-positioned to capitalize on incumbency and structural advantages in the market, Olympus is also contributing to the growth of cleaner diesel fuels by converting storage capacity from conventional to RD service.
