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Private equity fund group EQT Infrastructure has reached an agreement to acquire a majority stake in Argos Terminals, the storage and terminal business of the Argos Group. Argos Group will remain as minority shareholder.

Argos Terminals is the fourth largest independent mineral oil storage terminal operator in the port of Rotterdam with a market share of 8 percent.

EQT Infrastructure said it will continue to develop and grow the storage and terminals business at the Rotterdam Pernis Terminal. The operation will be headed by Roland Pechtold as CEO.

Commenting on the development, Pechtold said: “As oil is increasingly being refined at the source, supply of refined products is growing steadily. Rotterdam is the main port and distribution center for oil products in Europe and is more and more becoming an energy hub. With the joint support from EQT Infrastructure and Argos Group we will be able to greatly enhance our position and achieve further growth.”

Argos Terminals is located in the second petroleum harbor and today occupies an area of 50 acres with a 650,000 cubic metre (cbm) storage capacity for various oil products.

Argos Terminals has ambitious growth and development plans for its tank terminal in Rotterdam Pernis. Over the next few years the storage capacity is expected to more than double to around 1.5 million cbm, mainly through the construction of new storage capacity.

“In the process of expanding and developing Argos Terminals, EQT Infrastructure will contribute capital as well as industrial experience and know-how. Through the investment in Koole Tanktransport in Rotterdam EQT Infrastructure is already in the oil storage business and the investment in Argos Terminals is a very important step for its growth strategy and commitment to this industry,” said Martin Rey, who will become Chairman of the Board of Argos Terminals.

Argos Group is one of the BeNeLux region’s largest independent oil companies and was founded in 1984. It is today owned by Peter Goedvolk who is also group CEO.

“Argos Group has very ambitious growth plans reflected in the recently announced merger talks between Argos Group and North Sea Group (NSG) which we expect to finalize later this year. Argos Terminals is an essential link in the logistics system of this new combination and the participation of EQT Infrastructure in Argos Terminals guarantees the realization of our expansion plans and improves the competitiveness of the combination Argos Oil / NSG,” said Goedvolk.

The transaction is expected to be completed by the end of July 2011, pending approval from the Dutch Competition Authority (NMa) and completion of consultation with the unions.