iCON sells 10% of CLH to GIP

The UK fund manager, a shareholder in CLH alongside Deutsche Bank, PGGM, AIMCo and PSP Investments, is currently deploying its €461m Fund II.

iCON Infrastructure Partners (iCON) has sold 10 percent of Compañía Logística de Hidrocarburos (CLH), Spain’s biggest oil product transportation and storage company, to Global Infrastructure Partners.

The London-based fund manager divested the stake through sales by Global Kamala and Global Salamina, two subsidiaries of German lender Deutsche Bank. The Salamina transaction was unconditional and completed last Friday, while the sale by Kamala is expected to be completed in the coming weeks.

Headquartered in Madrid, CLH owns almost all of Spain’s refined oil transmission network and about 60 percent of the country’s refined oil storage facilities. Its main activities include storage, transportation and distribution of oil products as well as aviation fuel services.

iCON, a Deutsche bank spin-out established in 2011, specialises in mid-market equity financing in energy, transport, and water projects in Europe and North America. Its investment in CLH is held in its Fund I, which upon closing had around €500 million to deploy in the form of a traditional blind pool fund plus managed accounts.

The iCON team led the acquisition of 10 percent of the company by Deutsche Bank and institutional partners in December 2007, which was followed by the acquisition of a further 25 percent by a group of investors including Deutsche Bank, PGGM, AIMCo and PSP Investments in June 2008.

Other investments held in iCON’s Fund I include UK rolling stock company Porterbrook, UK utility Sutton and East Surrey Water, and the US’ Mountaineer Gas Company.

iCON has since raised a second vehicle, which reached its final close in April 2013 on €461.12 million. Recent deals sealed by the fund include Fortum’s Norwegian heating business, Irish natural gas distribution network firmus energy and Dutch port terminals operator Verbrugge International.