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Advent International Completes Sale of Stake in OCENSA to I Squared Capital

10 February 2020

Advent International completed the sale of stake in OCENSA, a Colombian oil pipeline, to fund manager I Squared Capital through its ISQ Global Infrastructure Fund.

(Press Release) I Squared Capital, through its ISQ Global Infrastructure Fund II, has acquired an indirect equity interest in Oleoducto Central, S.A. (OCENSA) from Advent International. OCENSA operates the largest crude oil pipeline in Colombia with a capacity of 680 thousand barrels per day and transports approximately 75 percent of the oil produced in the country. The company began operations in 1998 and is controlled and operated by CENIT Transporte y Logistica de Hidrocarburos S.A.S. (CENIT), a wholly owned midstream-dedicated subsidiary of Ecopetrol (NYSE: EC).

The 848-kilometer pipeline is mostly underground and originates in the Llanos Basin, Colombia’s most prolific oil producing region, and ends at a wholly owned export terminal in the port of Coveñas, the main oil export port in the country. Especially well positioned to transport heavy crudes (up to 600 centistokes), OCENSA is a highly cost-effective and reliable option for producers in the Llanos Basin.

“I Squared Capital has built a strong franchise across Latin America with more than $1.5 billion invested in the power generation, transmission and midstream sectors,” said Adil Rahmathulla, Managing Partner at I Squared Capital. “I Squared Capital’s investment in Colombia reinforces our strategy to expand our footprint into high-growth emerging markets with positive business environments and institutional frameworks.”

White & Case served as legal counsel to I Squared Capital on this transaction.

About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom, transport and social infrastructure in the Americas, Europe and Asia. The firm has offices in Hong Kong, London, Miami, New Delhi, New York and Singapore.