International-Matex Tank Terminals (IMTT) announced 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.
