NEW ORLEANS--(BUSINESS WIRE)--International-Matex Tank Terminals (IMTT) announced today that it has closed on the sale of the company’s two Savannah, Georgia terminals to Colonial Group, Inc. in a cash transaction for an undisclosed amount. The Savannah North and Savannah South terminals are located on the Savannah River and have approximately two million barrels of storage capacity with truck, rail and deep-draft marine access.
“The compelling offer from a local buyer with strong market connections will support our continued strategy to balance our legacy petroleum assets with new investments in energy transition projects,” said Carlin Conner, chairman and CEO of IMTT. “We believe this transaction underscores the value of the liquid storage space. I want to thank our employees for helping to establish these terminals as premier locations in the Savannah market.“
IMTT intends to reinvest the proceeds of the sale in its business to fund future capital expenditures that support the energy transition and further expand its non-petroleum footprint. The company operates 17 other bulk storage terminals at both ends of the Mississippi Valley, the Great Lakes/St. Lawrence River System, on the Atlantic Coast in New York, New Jersey and Virginia, and on the U.S. Pacific Coast.
About International-Matex Tank Terminals
Founded in 1939 and headquartered in New Orleans, Louisiana, International-Matex Tank Terminals LLC (“IMTT”) is an industry leader in the handling and storage of bulk liquid products through its ownership and operation of 17 terminals in the East, West, and Gulf Coasts, as well as the Great Lakes region and Canada. IMTT is focused on providing safe and reliable service while delivering innovative solutions for the evolving energy needs of its customers. In addition to expanding its independent liquid terminals business, IMTT is committed to pursuing low carbon intensity growth opportunities and reducing carbon emissions across its existing asset base. For more information about IMTT, visit imtt.com.
About Colonial Group, Inc.
A fourth-generation family-owned business founded in 1921, Colonial Group Inc. (“Colonial Group”) is a diversified energy and port-related company headquartered in Savannah and one of America’s largest privately-held companies. In 2021, the company marked its 100th anniversary by celebrating with its dedicated team of more than 2,000 employees, giving to hometown causes and observing historical milestones. Over the years, the business has diversified to be the umbrella company of Colonial Oil, Colonial Terminals, Colonial Fuel & Lubricant Services, Enmark Stations/enmarket, Colonial Energy, Colonial Chemical Solutions, Colonial Towing, Savannah Yacht Center, and Aqua Smart. For more information on Colonial Group Inc., please visit www.colonialgroupinc.com.
