ANZ Terminals has entered into an agreement with GrainCorp Ltd to acquire its Australian Bulk Liquid Terminals business for a total enterprise value of about AUD350 million (US$248.22 million). 

Australian Bulk Liquid Terminals operates eight liquid terminals sites across Australia, with a combined storage capacity of approximately 211,000 cu.m. The sites specialize in the storage and handling of bulk liquid fats & oils, fuels, and chemicals for a range of customers, including GrainCorp Oils.  As part of the transaction, GrainCorp Oils will enter into a long-term storage agreement with ANZ Terminals.

The transaction is subject to a number of conditions, including GrainCorp not entering into a change of control transaction or material alternative transaction before 10 May 2019, no material adverse change, regulatory approvals from the Foreign Investment Review Board and Australian Competition and Consumer Commission, lessors’ consents and finalisation of agreements required for the transition of the business. 

GrainCorp has retained ownership of its New Zealand bulk liquid terminals, which are more fully integrated into its supply chain, however, it is independently reviewing options for this business as part of the ongoing Portfolio Review.

Blackpeak Capital acted as financial adviser and Gilbert + Tobin acted as legal advisers on the transaction.