News Americas, NEW YORK, NY, Fri. Jan. 4, 2013: Cool Petroleum Jamaica has a new owner.
Blue Equity, which purchased controlling interest in The Antilles Group Limited or Cool Petroleum in 20012, has sold the company to the Rubis Group.
The Antilles Group Limited, (“TAG”), is the licensed user of Shell brands in the country of Jamaica. The transaction was finalized at the end of 2012 for an undisclosed amount.
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.
The Antilles Group Limited supplies a network of 53 service stations currently operating under the Shell brand (the original shareholder), and has a broad customer base in the commercial and industrial sectors.
With 200,000 cubic meters of fuels distributed in the retail network, representing approximately 30 percent market share, and about 70,000 cubic meters in the commercial and industrial sectors, the company remains the undisputed leader in the downstream petroleum products business on the Island.
Additionally, an import and storage infrastructure, along with stations located in the major strategic locations, serves to provide the company with a significant competitive advantage.
Since 2000, Rubis has expanded its presence across three continents, both through direct investments and via acquisitions. Rubis has a significant presence in the Caribbean islands of Antigua and Barbuda, Barbados, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago, Bermuda, Guadeloupe, Martinique, French Guiana and Guyana. Further acquisitions during 2012 included the Chevron assets in The Bahamas, Cayman Islands and Turks and Caicos Islands.
“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, LLC and Invest Caribbean 2012 panelist.
Blue Equity is a leading, lower middle market private equity firm with holdings in a variety of sectors. Prior holdings have included the nation’s largest Spanish directory publishing company, which was sold to Telmex International in 2003 and one of the world’s largest sports management and sports event and television production companies, which was sold to Lagardère Unlimited in 2010.