Exolum, Europe’s largest liquid fuels logistics operator, has changed hands at the institutional level after OMERS Infrastructure signed agreements to sell its approximately 25% stake in the business to Stoneshield Capital and an unnamed global investment firm managing more than $100 billion in assets.
The Exolum stake transaction concludes a near-decade of ownership that began in 2016, when OMERS and its partners first acquired what was then known as CLH — Compañía Logística de Hidrocarburos. In the years since, the business rebranded, expanded internationally, and broadened its portfolio beyond conventional liquid fuels into lower-carbon and future energy infrastructure.
What Exolum Operates Today
The scale of the asset being transferred underscores why institutional interest in the Exolum stake has remained high. The company currently operates approximately 6,000 kilometres of pipeline infrastructure across Spain and the United Kingdom, manages 68 storage terminals worldwide, and provides into-plane fuelling services to more than 48 airports globally.
That combination — cross-border pipelines, bulk storage, and airport fuel logistics — gives Exolum an operational footprint few European liquid infrastructure businesses can match. The UK network, in particular, reflects significant post-CLH investment, with Exolum having absorbed and expanded former Certas and downstream pipeline assets in Britain.
For more on Exolum’s terminal and pipeline network, see the Exolum company profile and the detailed breakdown of its CLH pipeline and terminal infrastructure.
OMERS’ Exit After a Decade of Ownership
OMERS described the sale as consistent with its broader approach to portfolio management and capital rotation — language that signals the Canadian pension manager is redeploying proceeds rather than retreating from energy infrastructure as an asset class.
In its statement, OMERS highlighted Exolum’s evolution from a domestic Spanish fuel logistics business into a more diversified, increasingly international platform. The organisation acknowledged the contribution of the management team, current and former employees, and investment partners who supported the asset through that transition.
The exit follows a pattern seen across institutional infrastructure portfolios in 2026, where mature assets with stable cash flows are being recycled to fund deployment into energy transition and digital infrastructure. The Spire Storage acquisition by I Squared Capital earlier in the year reflected similar logic: long-dated, contracted storage assets attracting premium valuations at exit.
Stoneshield Capital and the New Ownership Structure
Stoneshield Capital is a Madrid-headquartered infrastructure and real assets investor with significant experience in Iberian energy networks. Its acquisition of the Exolum stake alongside a sovereign or institutional-scale co-investor — the $100 billion AUM figure points to a major global fund — suggests a long-hold structure aligned with Exolum’s regulated and contracted revenue profile.
Neither party disclosed financial terms. Given Exolum’s asset base and the regulated nature of significant portions of its Spanish network, analyst estimates for the full enterprise value of the business have previously placed it in the multi-billion euro range, making this one of the more significant European infrastructure transactions of 2026.
Investor interest in diversified terminal operators reflects a broader trend. Businesses like VTTI, backed by Vitol, IFM, and ADNOC, have similarly attracted long-term capital by combining bulk liquid storage with strategic port positions — demonstrating that terminal and pipeline platforms with multi-product capability command a structural premium over single-commodity storage assets.
What the Sale Means for Exolum’s Operations
OMERS extended its best wishes to Stoneshield and its co-investor as the new owners take forward the next phase of Exolum’s development. Operationally, the change in institutional shareholder is unlikely to affect day-to-day terminal or pipeline operations — Exolum’s management team, which drove the international expansion under OMERS’ ownership, is expected to remain in place.
The more consequential question for the sector is whether Stoneshield’s ownership accelerates Exolum’s stated ambitions in lower-carbon fuels and future energy infrastructure. During the OMERS era, the company invested in infrastructure linked to emerging energy solutions — a broad category that encompasses SAF supply chains, hydrogen-ready terminal upgrades, and sustainable aviation fuel distribution to its airport network.
With a new institutional backer and a clean ownership transition, Exolum enters the second half of 2026 as one of the better-capitalised liquid logistics platforms in Europe, positioned at the intersection of conventional fuel security and the infrastructure requirements of the energy transition.
For further details visit OMERS Infrastructure.
What is the Exolum stake deal announced by OMERS?
OMERS has agreed to sell its approximately 25% stake in Exolum to Stoneshield Capital and a global co-investor managing more than $100 billion in assets. The sale concludes a near-decade of ownership that began in 2016 when OMERS first acquired the business.
Who is Stoneshield Capital and why did it acquire the Exolum stake?
Stoneshield Capital is a Madrid-based infrastructure and real assets investor with experience in Iberian energy networks. The acquisition of the Exolum stake aligns with its focus on long-term, contracted infrastructure assets with stable cash flows across Southern Europe.
What assets does Exolum operate?
Exolum operates approximately 6,000 kilometres of pipeline infrastructure across Spain and the UK, manages 68 storage terminals worldwide, and provides aviation fuel services to more than 48 airports globally.
How long did OMERS own its stake in Exolum?
OMERS held its stake in Exolum for approximately nine years, having first acquired the business — then operating as CLH — in 2016 alongside investment partners.
What does the Exolum stake sale mean for the company’s operations?
The institutional ownership change is not expected to affect day-to-day operations. Exolum’s management team is expected to remain in place, with Stoneshield and its co-investor taking forward the company’s development in liquid logistics and lower-carbon fuel infrastructure.