KKR’s Asia Pacific Infrastructure Fund Will Acquire Japanese Chemical Storage Tank Operator Central Tank Terminal
Posted on 11/08/2021
Private equity firm KKR, from its Asia Pacific Infrastructure Fund, inked definitive agreements under which KKR will acquire Japanese chemical storage tank operator Central Tank Terminal Co., Ltd. from an affiliate of Macquarie Infrastructure and Real Assets (MIRA). The estimated price tag is 50 billion yen (US$ 440 million). Formed in 1966, Central Tank Terminal is Japan’s largest independent chemical storage tank operator, offering over 300,000 cubic meters of storage capacity across seven terminals located near key ports and strategic hubs around Tokyo Bay, Osaka Bay, Nagoya, and Kitakyushu. Central Tank Terminal provides tank storage and auxiliary services to more than 80 blue-chip customers, including major chemical manufacturers with decades-long relationships with Central Tank Terminal. The transaction is expected to be completed by the fourth quarter of 2021, subject to regulatory approvals and closing conditions.
In addition to Central Tank Terminal, KKR has made several investments in Japan from its private equity strategy, which include Seiyu, a nationwide supermarket chain, Koki Holdings, a power tool and life science equipment manufacturer, Kokusai Electric, a semiconductor manufacturer, PHC, a major manufacturer of medical devices, Marelli, a leading supplier of automotive components, and From Scratch, an integrated data-driven marketing SaaS platform in Japan.
Rothschild & Co. acted as KKR’s financial advisor.
In May 2016, Royal Vopak divested its 40% ownership in the joint venture Nippon Vopak Co. Ltd. to Macquarie Asia Infrastructure Fund. Nippon Vopak had owned and operated five terminals in Japan with a combined operational capacity of 203,200 cubic meters.