Funds managed by private equity firm Northleaf Capital Partners acquired a 90% stake in Douglas Terminals from Hartree Partners (UK) Ltd. and Ghent Transport and Storage NV, or GTS.

The asset is a 557,000-cubic-meter liquid bulk storage terminal in the Port of Ghent, Belgium.

The facility has 17 tanks used for storing jet fuel, gasoil, diesel and biodiesel.

GTS is retaining a 10% stake and will continue to operate the terminal under a management services agreement.

As part of the deal, Northleaf, Hartree and GTS agreed to jointly develop Max Terminals, a new liquid storage terminal, on land adjacent to the Douglas Terminals site.