OMERS Sells its 25% Stake in Exolum

Andres Gonzalez of Reuters reports Canada's OMERS sells 25% stake in Spanish energy logistics firm Exolum:

LONDON, May 22 (Reuters) - Canadian pension fund OMERS has agreed to sell its  ​25% stake in Spanish energy ‌logistics company Exolum to European real assets investment firm Stoneshield Capital and another ​investor.

 

The following details are from ​a joint statement on Friday:

• Stoneshield ⁠will buy a 15% stake in ​Exolum, after having acquired close ​to 5% in January. The second investor, which was not named, will acquire the ​ remaining 10% from OMERS.
• Financial terms ​were not disclosed. In December, OMERS carried out ‌a €770 ⁠million refinancing of its Exolum stake.
• Exolum, which transports, stores and distributes refined oil products, bulk liquids and ​aviation ​fuels, owns ⁠a 6,000 km (3,728 mile) pipeline network in Spain ​and Britain.
• It serves more than ​48 ⁠airports and has over 2,300 staff.
• The deal is expected to close in ⁠the ​third quarter of ​2026, subject to conditions and regulatory approvals.

Earlier today, OMERS announced it will sell its stake in Exolum:

Stoneshield Capital today announced that it has signed an agreement to acquire a 15% stake in Exolum from OMERS, building on its existing investment in the company since January 2026. The remaining 10% of OMERS ~25% stake is separately being acquired by a global investment firm with over $100 billion in assets under management. OMERS, together with its investment partners, has been invested in Exolum since 2016. Terms of the transactions are not being disclosed.

Exolum is a Spanish-headquartered global energy logistics company specialising in the transportation, storage and distribution of refined products, bulk liquids and aviation fuels, while playing an increasingly important role in supporting the energy transition. Exolum owns a 4,000km transmission pipeline network in Spain and operates a further 2,000km pipeline network in the UK. The company also owns 68 storage terminals with more than 11 million cubic metres of capacity and serves over 48 airports globally, including Heathrow, Gatwick, Stansted, Madrid, Barcelona, Lisbon, Lima and Charles de Gaulle. Exolum has more than 2,300 employees globally and approximately €1.3bn of annual revenues.

Luca Lupo, Senior Managing Director & Head of Europe, OMERS Infrastructure, said: “Over the past decade, Exolum has evolved into a stronger, more diversified and increasingly international business with a growing role in supporting the energy transition. We have been actively involved throughout our ownership and are proud to have supported the company’s growth, diversification and progress in areas linked to lower-carbon fuels and future energy infrastructure alongside management and our investment partners. This transaction reflects both the quality of the business and our disciplined approach to active portfolio management and capital rotation.”

The transaction is expected to complete in Q3 2026, subject to certain customary closing conditions and regulatory approvals.

Additional information:

• Stoneshield acquired a 4.93% stake in January 2026. Once this transaction closes, Stoneshield’s total stake in Exolum will be approximately 20%.

• Following completion, Stoneshield Capital will assume three of OMERS current Board seats. The second investor will take the remaining two.

• In December 2025, OMERS completed a €770 million refinancing of its stake in Exolum: https://www.omersinfrastructure.com/news/omers-completes-refinancing-for-its-stake-in-exolum. 

First, let me thank Don Peat of OMERS for bringing this up to my attention.

I like when communications people are proactive (only La Caisse has me on their news releases, don't assume I track all activities in real time, I don't). 

Recall, back in December, I discussed how OMERS completed a refinancing for its stake in Exolum.

I noted that  back in June, OMERS Infrastructure hired Sara Petrov as its new Managing Director, Debt Capital Markets, and this was a great asset where refinancing will help it grow its operations.

So why is OMERS selling its stake?

I suspect it received a decent offer from Stoneshield ⁠(acquired 15% stake) and the second investment firm with over $100 billion in assets under management (acquired 10%).

More importantly, I see this as a portfolio management shift where they will use the proceeds from this distribution to invest elsewhere.

Michael Hill, Global Head of OMERS Infrastructure, and his team are constantly reviewing pipeline deals all over the world, and truth be told, they may even see opportunities to invest in Canada where OMERS wants to add $10 billion over the next five years.   

Let me wrap it up there. I wanted to bring this transaction up to my readers as it's a major one.

Below, Exolum is a great company that OMERS invested in and now they are moving on. 

OMERS Infrastructure is easily one of the best institutional portfolios in the world, so it's worth tracking their moves closely.