I Squared, a leading independent global infrastructure investment manager, announced today that it has acquired the remaining 55% stake in Tepsa –a key player in the storage of bulk liquid and gas in France, Spain and the Northern European hubs of Antwerp and Rotterdam– from Rubis SCA, a French energy company. I Squared has been a shareholder in Tepsa, formerly known as Rubis Terminal, since 2020, when it acquired an initial 45% stake.
To support Tepsa’s continued growth and diversification, I Squared has appointed three new board members to the Paris, France-based company: Baudouin Prot, Michael Kumar, and Casper Pieper.
“We’re excited to bring Tepsa fully under the ownership of I Squared and continue to support its growth ambitions as a leading provider of sustainable storage solutions in Europe”, said Mohamed El Gazzar, Senior Partner at I Squared. “Our three newly appointed board members have strong experience in both management and operational roles, and we are confident in their ability to strengthen Tepsa’s capabilities and enhance value for our stakeholders.”
“Tepsa’s transition under the ownership of I Squared marks a pivotal moment in our evolution,” said Bruno Hayem, CEO of Tepsa. “Our decision to rebrand reflects the maturity that we have achieved as a company and our commitment to progress. Tepsa will continue to uphold its core values and its motto, ‘Sustainable Storage Solutions for Everyday Life,’ underscoring our commitment to provide safe and sustainable solutions. This renewed identity puts us in a great position to capitalize on future opportunities and continue developing through the energy transition while remaining at the forefront of the European liquid bulk storage sector. With the support of I Squared and our newly appointed board members, we are focused on fostering positive contributions to all our stakeholders and in the communities we serve.”
Bios:
Baudouin Prot: Baudouin had a distinguished three-decade career at the French bank BNP Paribas, serving as CEO from 2003 to 2011, and chairman of the board from 2011 to 2014. Following his departure from BNP Paribas, Baudouin joined the boards of several companies including Alstom, Kering and Adobe, and he is the non-executive chairman of two firms, Emeria-Foncia and Fraikin. He graduated from ENA, Ecole nationale d’administration, and received an MBA from HEC Paris
Michael Kumar: Michael is a Senior Policy Advisor at I Squared and advises the firm on energy investments and capital markets activities. Prior to joining I Squared in February, Michael was the Global Head of Project, Commodity and Infrastructure Finance at Morgan Stanley. Michael served as a Captain in the U.S. Army on active and reserve duty from 1989 to 2002. He holds a B.A. in economics and mathematics from Washington University in St. Louis.
Casper Pieper: Casper is an independent consultant and has extensive experience in the energy and logistics sector, notably during his 25-year career at Vopak, a leading international liquid and gas storage and infrastructure company. During his time at Vopak, he served in numerous business development and operational leadership roles, including most recently as head of LNG terminals, and he led many of Vopak’s diversification efforts into LNG, CCUS, and new energies. He has a master’s degree in business science from the University of Groningen.
About Tepsa:
Tepsa is an independent leader in the storage of industrial liquid bulk products and gases including chemicals, fertilizers, biofuels, and fuels that are fundamental to the economy. It operates 15 terminals in Western Europe, strategically positioned near key transportation and infrastructure hubs in France, the Netherlands, Belgium, and Spain, with a total storage capacity of more than 4 million cubic meters.
Media Contact:
Please contact the Tepsa communication desk at communication@tepsa.com.