Aleph Commodities acquires majority stake in InterTank
Aleph Commodities, an investment and energy trading company headquartered in London, along with co-investors, has acquired a majority stake in InterTank Nordic AB, an independent storage management and operations company in Sweden.
InterTank manages over 1 million cubic meters of storage capacity across more than 20 facilities in Europe and the Middle East. The acquisition provides a platform for further investment in tank storage and related infrastructure with a special focus on renewables, and underlines Aleph’s commitment to expand and grow its energy asset business.
The acquisition also provides a framework for ESG investments, as Aleph and InterTank seek to jointly develop opportunities in the renewable energy sector.
Neal Kumar, Partner at Aleph Commodities said: ''InterTank is a strategic platform for further infrastructure and downstream investments. The partners in Aleph are pleased to invest and grow the business under Fredrik Lilja’s leadership of InterTank. There are many areas of synergies, where the joint team can leverage InterTank's first class operations and Aleph's access to new markets in Southern Europe, the Middle East and Africa.''
Fredrik Lilja, CEO of InterTank said: ''We are very happy to team up with Aleph and are looking forward to working together to grow and expand our business with targeted investments in carefully selected high quality storage assets with a special focus on renewables and bio oils.''
InterTank’s existing management team and staff will remain in place. Setterwalls Advokatbyrå Göteborg AB served as the legal advisors to Aleph and Advokatfirman Glimstedt, Annika Freij & Johan Rappmann served as legal advisors to InterTank.