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AXA Private Equity to acquire 10% of CLH Group

AXA Private Equity has signed an irrevocable agreement to acquire a strategic 10% equity stake in the CLH Group (Compañía Logística de Hidrocarburos) from DISA (DISA Financiacion SAU and Disa Peninsula SLU), the fifth largest service-station operator in Spain. With this acquisition, AXA Private Equity will become one of the largest investors in CLH.

The transaction values the company at c. EUR3.6bn on an Enterprise Value basis.
 
This transaction represents a further significant infrastructure investment in Spain by AXA Private Equity, following on from the recent acquisition of a strategic stake in Autopista Trados 45. The shareholding in CLH Group is the first seed investment of AXA Private Equity’s latest infrastructure fund.
 
CLH is the owner and operator of the largest Spanish refined oil products pipeline network and forms the backbone of this infrastructure in Spain, with more than 4,000 km of pipelines and seven million m3 of storage capacity. As such CLH is a strategic asset in Spain for the logistics and distribution of refined oil products. CLH is also the largest provider of storage capacity for refined products in Spain, including strategic national reserves.
 
Whilst CEPSA, a large customer of CLH, remains the largest single investor in the company with a 14.15% stake, AXA Private Equity will become one of the largest investors in the company by acquiring a 10% stake.
 
Mathias Burghardt, AXA Private Equity’s Head of Infrastructure, says: “The investment in CLH is consistent with our strategy to invest in core infrastructure assets, offering protection against inflation and low volatility. This second investment in Spain enhances our position as Europe’s leading infrastructure investor.

“CLH has a low level of financial leverage and is well placed to benefit from an eventual economic recovery in Spain. This is an excellent investment in a strategic asset in Spain and we are pleased to be sitting alongside world class investors who share our long term vision with us.”
 
Banco Santander has acted as exclusive Financial Advisor to AXA Private Equity on the transaction. Clifford Chance acted as Legal Advisor.

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