Blue Equity Closes Sale of Antilles Group
Louisville-based Blue Equity announced that it closed a transaction with the Paris, France-based Rubis Group for the sale of The Antilles Group (TAG), the licensed user of Shell brands in Jamaica. The transaction was finalized at the end of 2012 for an undisclosed amount.
In 2011, Blue Equity purchased controlling interest in The Antilles Group (f/k/a Cool Petroleum) pursuant to agreements through which Blue Equity acquired Neal and Massy Holdings’ stake in Cool Petroleum and an undeclared number of Cool Petroleum shares from Cool Corp Limited.
TAG, the licensed user of Shell brands in Jamaica, is an integrated downstream petroleum products business operating in the captive Jamaican market. It is the largest fuel retailer by volume in Jamaica and operates an extensive network of more than 50 service stations on the island and has a broad customer base in the commercial and industrial sectors.
This acquisition consolidates Rubis’ presence in the Caribbean, where the publicly traded company is one of the largest operators of downstream operations in the area of fuel supply.
“I am quite pleased with TAG’s advancement under our ownership and the future international positioning with the Rubis acquisition. This is the perfect transaction for our clients, partners and team members,” said Jonathan S. Blue, chairman and managing director of Blue Equity.
Blue Equity is an independent lower middle-market private equity firm with holdings in a variety of sectors including opportunities in oil and gas, media, distribution, healthcare, art commerce, defense, financial services and real estate.
Rubis is a publicly traded, independent international operator specializing in the downstream petroleum and chemicals sector and operating bulk liquid storage facilities through its subsidiary Rubis Terminal and distributes LPG through its subsidiary RubisEnergie.