PSA, IPH partner to buy majority stake in Argentine firm
PSA International and International Port Holdings have entered into a strategic alliance to acquire a majority stake from the Roman Group in International Trade Logistics, a provider of container port services, logistics services and third party distribution warehouse space in Argentina. Financial details of the transaction have not been disclosed.
ITL’s three businesses units are Exolgan, Exologistica and LPI. Exolgan's three-berth container facility at Dock Sud in Buenos Aires has 1,300 meters of quay length. Exologistica provides complementary third-party logistics services throughout Argentina and is now focusing on growing its presence in Brazil and Uruguay, while LPI is the largest provider of third party distribution warehouse space in Buenos Aires.
Eddie Teh, group chief executive officer of Singapore-based global terminal operator PSA International, said: 'We have known the Roman Group for many years and have followed ITL's successful development. We are delighted to expand our presence in the Latin American market with this latest investment and we will work with our partners and the local authorities to develop and grow ITL's port-related businesses, including Exolgan Container Terminal, and capitalize on Argentina's expanding trade flows with Latin America and the rest of the world.'
International Port Holdings, wholly owned by private equity fund Global Infrastructure Partners, owns and operates Great Yarmouth Port in the United Kingdom. “We welcome the opportunity to work with Alfredo Roman, the founding partner of this exciting business, and with PSA to further the development and optimization of ITL and drive the business to the next stage of its development,” said Alistair Baillie, chairman of IPH.
Alfredo Roman said of the deal: “We believe that it is very important to have attracted PSA, the largest port operator in the world, and IPH to undertake this majority stake investment in ITL. The strengths of these organizations and the long standing commercial relationships between us, creates an excellent position to further develop ITL in this region.”