California-based Olympus (formerly Chemoil), transports and stores renewable fuels, such as renewable diesel. The fuel, made from fats and oils, such as soybean or canola oil, is processed to have the same chemical composition as petroleum diesel used by heavy-duty vehicles, but it burns more completely and is therefore cleaner.
California, which has passed regulations such as the low carbon fuel standard, has been the largest consumer of renewable diesel since 2018, averaging 81% of total use in the US. “California is leading the charge in the national transition towards renewable diesel,” said Olympus’ Vincent Godfrey.
By acquiring the company, TPG hopes to help Olympus play a role in the state’s renewable diesel value chain. “Olympus’ assets and operations are central to the sustainable fuels ecosystem,” said TPG’s Jonathan Garfinkel.
Terminals portfolio
Olympus owns and manages two fuel terminals in Long Beach. Its five-acre Long Beach Marine Terminal has nine storage tanks with a total capacity of 520,000 barrels; its 15-acre Carson Terminal has 22 tanks with a storage capacity of nearly 1.3 million barrels.
Prior to the sale, Olympus was majority-owned by funds managed by Davidson Kempner Capital Management and Intrepid Investment Management.
