News

Westway sold to equity firm

Westway Group has announced it has entered into a definitive agreement whereby EQT Infrastructure II will acquire all of the outstanding equity securities of Westway Group ¬†for $419 million. The Company also announced that it that has entered into a agreement to sell its liquid feed supplement business and certain bulk liquid storage terminals located in Ireland, Denmark, Korea, and the United Kingdom to ED&F Man Ltd, the Company’s largest stockholder, for a purchase price of approximately $115 million.

Francis P. Jenkins, Jr., Chairman of the Company and Chairman of the Special Committee stated “For over a year, we have been reviewing a variety of strategic alternatives for Westway. After this extensive process, we are excited to announce these transactions with EQT Infrastructure II and ED&F Man. We believe the aggregate value of these transactions achieves our objective of delivering immediate and compelling value for the Company’s stockholders. We also are confident that we have found excellent owners for the Company’s businesses. EQT Infrastructure II has a strong track record in the bulk liquid storage sector and will be an excellent partner for our terminal employees and customers. ED&F Man owned Westway Feed Products for many years and will continue to grow and succeed with our employees, customers and suppliers.”