Global Infrastructure Partners will partner with international port operator PSA International to acquire majority stake in International Trade Logistics, a company that operates the second largest container terminal in Argentina, for an undisclosed amount.
ITL runs three lines of business: the Exolgan Container Terminal in Buenos Aires, complementary logistics business Exologistica, and warehousing business LPI. The company was founded by Alfredo Roman of Argentina’s Roman Group.
PSA International and GIP, which is backed by Credit Suisse and General Electric, said in a statement that they hope to capitalise on Argentina’s expanding trade flows in Latin America and overseas.
International Trade Logistics is the latest addition to GIP’s ports vehicle, International Port Holdings. GIP bought International Port Holdings from founder and industry veteran Alistair Baillie in June 2007, with the goal of making the business “a platform for making small and medium-sized port investments and a centre of expertise to support GIP’s investment objective of gaining critical mass in the ports sector”, GIP said.
GIP’s first add-on for the vehicle was an operating and investment agreement with the Great Yarmouth Port Authority in the UK, under which GIP agreed to expand the facility’s infrastructure. Under the terms of the agreement, GIP formed a joint venture with PSA to develop and operate a short sea container terminal in the harbour.