I Squared Capital has issued teasers for the sale of its European tank storage operator Tepsa, while a parallel auction for Igneo Infrastructure Partners-backed peer Evos nears launch, said several sources familiar with the deals.

I Squared, which has hired Goldman Sachs and Rothschild as sellside advisors, is expected to kick off a formal sale process for Tepsa towards September, the sources said.

The Paris-headquartered company, which operates 4m cubic metres of liquid storage capacity across 15 terminals in France, Spain and the Netherlands, generated around EUR 150m of run-rate EBITDA in 2025, according to two of the sources.

The business could fetch an enterprise value of around EUR 2bn based on multiples in the low-to-mid teens typical of the sector, these sources said.

Igneo is meanwhile expected to hit the market ahead of I Squared with a separate sale process for its Amsterdam-headquartered tank storage business Evos, according to three of the sources.

Igneo, which appointed Morgan Stanley to advise on the sale earlier this year, could issue information memoranda as soon as this month, said the sources.

Evos, which is larger than Tepsa with 6.4m cubic metres of storage capacity, could command an enterprise value closer to EUR 3bn, one of the sources estimated, based on 2025 EBITDA of around EUR 200m.

Tepsa and Evos are attracting preliminary interest from some of the same possible buyers, sources said, although investors are likely to choose one of the two targets as the auctions progress rather than seeking to acquire both, given their size.

KKR and EQT are among large-cap infrastructure investors that are circling the assets, sources said. Some sources also pointed to Macquarie, Goldman Sachs Alternatives, CPP Investments and BlackRock as possible bidders.

The auctions are also set to draw interest from strategic operators. Evos’ storage capacity is largely concentrated in key hubs in Benelux, particularly Amsterdam, and would suit a buyer mostly seeking to gain exposure to this region – although the company also has three large terminals in Hamburg in Germany, Algeciras in Spain and Malta.

Tepsa’s capacity is spread out across a larger number of smaller terminals in France, Spain and the Netherlands, on the other hand.

Rotterdam-headquartered operator Chane, which is owned by JP Morgan Asset Management and Canadian pension fund OTPP, is running the rule over Tepsa, according to one of the sources.

Chane is already heavily exposed to Benelux and could find Tepsa a better fit, the source pointed out. In 2022 the company already signalled its appetite to expand with the takeover of Alkion terminals, which gave it a foothold in France and Spain.

Spain’s Exolum, which specialises on storing fuel for airports, is likely to consider a possible bid for one of the companies too, to help it diversify its business, two sources said.

LBC Tank Terminals, which was acquired by Mitsui O.S.K. Lines last year and already has a significant presence in Benelux, could also target Tepsa to broaden its portfolio, one source added.

The auctions for Evos and Tepsa are proceeding despite continuing volatility in the oil and gas markets due to the Iran conflict, which has created uncertainty over future prices and demand, but also created some potential opportunities.

Sources pointed out that Tepsa in particular has bet on chemicals to diversify away from traditional fuels that have been caught up in the turmoil, while Evos has mostly invested in biofuels.

Evos said in its 2024 sustainability report that 27% of the products it stores are not fossil fuels, while in the same year Tepsa said chemicals accounted for 42% of its product mix and biofuels for a further 14%.

Another major tank storage company expected in the market further down the line is VTTI, a larger global operator with 10.3m cubic metres of storage capacity. Its shareholders IFM, Vitol and ADNOC hired Macquarie Capital earlier this year to sell a 50% stake.

I Squared, Igneo, Goldman Sachs, EQT, CPP, Macquarie and BlackRock declined to comment. Rothschild, KKR, Chane, Exolum and LBC Tank Terminals did not respond to requests for comment.