IMTT sold for $1 billion
Macquarie already owned a 50 percent stake in IMTT, but has an agreement to purchase the rest of the company for $910 million in cash and $115 million in stock.
IMTT, which stores and handles petroleum products, vegetable oil, renewable fuels and various chemicals, is comprised of 10 marine terminals in the U.S. and two in Canada.
James Coleman Sr. began IMTT in New Orleans in 1939 and the company is now the fourth largest provider of bulk liquid storage and handling services in the United States. Macquarie first acquired 50 percent of IMTT in 2006 for $257 million.
“We’re acquiring a business that we know from our involvement with it over the past eight years and, more importantly, a business with a strong foundation built over many years of stewardship on the part of the Coleman family,” James Hooke, chief executive officer of Macquarie, said. “We look forward to working with IMTT to accelerate its growth.”
Macquarie does not plan to make a large number of personnel changes, rather the company said that it will fill vacancies resulting from retirements and add selectively to the IMTT staff.
Thomas Coleman, who is the current chief executive officer of IMTT, is expected to retire. Other members of the founding family, including chairman James Coleman and James O. Coleman, who serves as the head of government relations, are also expected to retire.
John Little, manager of the St. Rose IMTT terminal, said there would be virtually no changes at the St. Charles Parish terminal. He added that Shell would continue to jointly operate an asphalt plant with IMTT that is located on IMTT’s property.
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