French private equity firm InfraVia Capital Partners has acquired European small-scale LNG player Molgas Energy.
The equity company completed the acquisition via its InfraVia European Fund IV, it said on Tuesday without revealing the financial details of the transaction.
However, law firm Ashurst said last month it advised InfraVia on the move valuing the deal at about 120 million euros ($141 million).
The move included buying a 43.3 percent Molgas stake from HAL- controlled Dutch company Broadview.
Madrid-based Molgas provides integrated LNG infrastructure solutions to more than 100 off-grid industrial customers.
It owns and operates LNG filling stations for heavy-duty trucks and provides bunkering infrastructure and services to shipping companies.
The company mainly operates in Spain, Portugal, and France but also throughout Europe with presence in Italy, Belgium and the UK.
With this deal, the company is looking to further expand its business.
Molgas has about 260 employees and sales in 2019 amounted to 105.7 million euros.
“In the current energy transition context, LNG represents an attractive alternative to traditional oil-based fuels consumed in the industry and the transportation markets, both from economical and environmental standpoints,” Infravia said in its statement.
InfraVia’s chief executive Vincent Levita said the “use of LNG by off-grid customers is mature in Spain and Portugal but only emerging in the rest of Europe.”
“We look forward to working as a long-term partner with the Molgas team to develop the company across Europe,” Levita added.