AAC Capital Benelux, the former private equity arm of ABN Amro, has bought a majority stake in an oil and gas logistics company in the first deal from its new fund, which closed in October below its €500 million target.

AAC Capital Benelux purchased the stake in transport company Lubbers from its shareholders, Ronald Lubbers and Tony Tailford, who will retain a minority stake in the business. The management team are also investing in Lubbers, which employs around 270 staff and has bases in the Netherlands, the UK and around Europe.