EQT Infrastructure II to Acquire Westway Group, Inc. for $6.70 Per Share

EQT Infrastructure II to Acquire Westway Group, Inc. for $6.70 Per Share

NEW ORLEANS, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Westway Group, Inc.
(Nasdaq:WWAY) ("Westway" or the "Company") today announced it has entered into
a definitive agreement pursuant to which an affiliate of EQT Infrastructure II
will acquire all of the outstanding equity securities of Westway Group, Inc.
for approximately $419 million in aggregate cash consideration or $6.70 in
cash per common share (the "Merger Agreement"). The Company also announced
that it that has entered into a definitive agreement to sell its liquid feed
supplement business ("Westway Feed Products" and such agreement, the "Purchase
Agreement") and certain bulk liquid storage terminals located in Ireland,
Denmark, Korea, and the United Kingdom (collectively, the "Foreign Terminals")
to an affiliate of ED&F Man Holdings Limited ("ED&F Man"), the Company's
largest stockholder, for a purchase price of approximately $115 million,
subject to adjustment.

Francis P. Jenkins, Jr., Chairman of the Company and Chairman of the Special
Committee stated "For over a year, we have been reviewing a variety of
strategic alternatives for Westway. After this extensive process, we are
excited to announce these transactions with EQT Infrastructure II and ED&F
Man.We believe the aggregate value of these transactions achieves our
objective of delivering immediate and compelling value for the Company's
stockholders.We also are confident that we have found excellent owners for
the Company's businesses.EQT Infrastructure II has a strong track record in
the bulk liquid storage sector and will be an excellent partner for our
terminal employees and customers.ED&F Man owned Westway Feed Products for
many years and will continue to grow and succeed with our employees, customers
and suppliers."

"Westway has a strong history of providing value added storage services to a
loyal customer base, and we look forward to partnering with its exceptional
management team.Demand for storage services continues to grow as the global
supply chain for a number of industries becomes increasingly complex. We
believe that Westway's ability to provide high quality and reliable storage
services to existing customers while also expanding storage services to other
growing markets will help foster its next stage of development", says Glen T.
Matsumoto, Partner at EQT Partners in the United States, Investment Advisor to
the EQT Infrastructure II.

Under the terms of the Merger Agreement, which was unanimously recommended by
the Special Committee of the Westway Board of Directors and unanimously
approved by Westway's Board of Directors, Westway's stockholders will receive
$6.70 in cash for each outstanding share of Westway Class A Common Stock or
Class B Common Stock they own, representing a 9.7% premium over the closing
price on December 19, 2012, the last full trading day before today's
announcement. Such per share price represents a 67.6% premium over the closing
price on December 14, 2011, the last full trading day before the announcement
that the Company had initiated a process to explore possible strategic
alternatives.

Additionally, all outstanding in-the-money warrants of Westway Group, Inc. and
all outstanding shares of Series A Convertible Preferred Stock will be
acquired for $1.70 per in-the-money warrant and $6.79 per preferred share
(inclusive of accrued dividends), respectively.

Both transactions are expected to close by the end of the first quarter of
2013.

In accordance with the terms of the Merger Agreement, affiliates of EQT
Infrastructure II will commence a tender offer for all of the outstanding
equity securities of Westway Group, Inc. Westway's Board of Directors has
unanimously recommended that Westway's stockholders tender their shares into
the offer. Under the terms of the agreement, the transaction is conditioned
upon satisfaction of the minimum tender condition of a majority of the shares
of Westway's common stock on a fully diluted basis, and preferred stock on a
fully diluted basis, consummation of the transactions contemplated by the
Purchase Agreement, the receipt of U.S. antitrust approval under the
Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, certain third
party consents and other customary closing conditions.Consummation of the
transactions contemplated by the Merger Agreement is not subject to a
financing condition.

Concurrent with the execution and delivery of the Merger Agreement, Agman
Louisiana, Inc., Francis Jenkins, Jr. and John Toffolon, Jr. representing in
the aggregate approximately 79% of Westway's fully diluted shares outstanding,
have each entered into separate agreements with affiliates of EQT
Infrastructure II and the Company pursuant to which each has agreed to tender
the shares of common or preferred stock beneficially owned by them into the
tender offer, as well as providing certain covenants not to sue and releases
related to the transactions contemplated by the Merger Agreement.

Under the terms of the Purchase Agreement, which was unanimously approved by
the Special Committee of the Westway Board of Directors, Westway agreed to
sell all of its outstanding equity interests in Westway Feed Products and the
Foreign Terminals as well as certain Canadian assets to an affiliate of ED&F
Man Holdings Limited for a purchase price of approximately $115 million. Under
the terms of the Purchase Agreement, the transaction is conditioned upon
launch of the tender offer pursuant to the Merger Agreement, certain third
party consents and other customary closing conditions.

Evercore L.L.C. is acting as exclusive financial advisor to the Special
Committee and provided fairness opinions to Westway's Special Committee and
Board of Directors. Dechert LLP is acting as legal counsel to the Special
Committee. Freshfields Bruckhaus Deringer is acting as legal counsel to EQT
Infrastructure II, and Sterne,Agee and Leach, Inc. is acting as financial
advisor to EQT Infrastructure II. Reed Smith LLP is acting as legal counsel to
ED&F Man.

Important Additional Information and Where to Find It

The tender offer described in this communication has not yet commenced, and
this communication is neither an offer to purchase nor a solicitation of an
offer to sell any shares of the common stock of Westway or any other
securities. On the commencement date of the tender offer, affiliates of EQT
Infrastructure IIwill file a tender offer statement on Schedule TO, including
an offer to purchase, a letter of transmittal and related documents, with the
Securities and Exchange Commission (SEC). At or around the same time, the
Company will file a solicitation/recommendation statement on Schedule 14D-9
with respect to the tender offer. The offer to purchase shares of Westway
common stock will only be made pursuant to the offer to purchase, the letter
of transmittal and related documents filed with such Schedule TO. Investors
and security holders are urged to read both the tender offer statement
(including an offer to purchase, a related letter of transmittal and the other
offer documents) and the solicitation/recommendation statement regarding the
tender offer, as they maybe amended from time to time, when they become
available because they will contain important information that should be read
carefully before making any decision with respect to the tender offer. The
tender offer statement will be filed with the SEC by affiliates of EQT
Infrastructure II, and the solicitation/recommendation statement will be filed
with the SEC by Westway. Investors and security holders may obtain a free copy
of these statements (when available), the Merger Agreement and other documents
filed with the SEC at the website maintained by the SEC at www.sec.gov or by
directing such requests to the information agent for the tender offer. In
addition, the tender offer statement and related documentation will be made
available by an affiliate of EQT Infrastructure II (when available) and the
solicitation/recommendation statement and related documents (when available)
may be obtained by directing such requests to Westway at 504-525-9741.

About Westway Terminals

Westway Terminals, including the terminals proposed to be sold to ED&F Man, is
a premier provider of storage and related services to owners of bulk liquid
products worldwide, with 369 million gallons of capacity as of September 30,
2012. The business is focused on niche liquid products and customized service
offerings with strong margin potential and has a leading market position in
the agricultural and chemical commodity sectors. Key products stored include
petroleum oils, caustics, asphalts, vegetable oils, methyl esters, chemicals
and molasses products, among others. The business has a global network of 25
terminal locations including 14 in the U.S., 1 in Canada, 9 in Western Europe
and 1 in Korea.

About Westway Feed Products

Westway Feed Products is the largest producer of liquid feed supplements in
North America, with 2011 volumes of 1.8million tons. The business has 31
locations in the U.S. and western CanadaWestway Feed Products is a leader in
the design and implementation of innovative liquid and solid feed supplements,
with such current brands as Multi-Mix, Sweet Cake, Suga-Lik, E-Z GLO and Pro
Lix.

The Westway Group, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7654

About EQT and its Affiliates

EQT is the leading private equity group in Northern Europe with over EUR 19
billion in raised capital and multiple investment strategies. Together with an
extensive network of independent Industrial Advisors, EQT implements its
investment strategy by acquiring or financing good medium-sized to large
companies in Northern and Eastern Europe, Asia and the United States,
supporting their development into leading companies. Development is achieved
by an industrial strategy with focus on growth. Since inception, EQT has
invested more than EUR 11 billion in around 100 companies and exited close to
50. EQT-owned companies have more than 550,000 employees.

EQT Infrastructure II is the second fund within the infrastructure investment
strategy. The first fund ("EQT Infrastructure") closed in 2008 at EUR 1.2
billion fund. EQT Infrastructure II seeks to invest in medium-sized
infrastructure businesses in the Nordic region, parts of Continental Europe,
and North America. Investment targets are regulated infrastructure,
concession-based infrastructure, market-based infrastructure and
infrastructure-related services. EQT Infrastructure II currently has EUR 1.6
billion of commitments available for investments.

EQT Partners, acting as Investment Advisor to the general partners and
managers of each EQT fund, has around 120 investment professionals with an
extensive industrial and financial competence. EQT Partners and its affiliates
have offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London,
Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.

More information can be found on www.eqt.se

Forward-Looking Statements.This press release includes forward-looking
statements within the meaning of Section27A of the Securities Act of 1933, as
amended, and Section21E of the Securities Exchange Act of 1934, as amended.
In some cases, you can identify forward-looking statements by terminology such
as "may," "should," "could," "would," "will," "expect," "plan," "anticipate,"
"believe," "estimate," "continue," or the negative of such terms or other
similar expressions. We have based our forward-looking statements on our
current expectations and projections about future events. Our forward-looking
statements are subject to known and unknown risks, uncertainties and
assumptions about us that may cause our actual results, levels of activity,
performance or achievements to be materially different from any future
results, levels of activity, performance or achievements expressed or implied
by such forward-looking statements. Factors that might cause or contribute to
such a discrepancy include, but are not limited to, the risk factors described
in our most recent Form 10-Q and Form 10-K filed with the SEC.

CONTACT: Evercore Partners
         Perk Hixon
         Sr. Managing Director
         Hixon@evercore.com
         (212) 822-7554
        
         Westway Group, Inc.
         Francis P. Jenkins Jr.
         Chairman
         (212) 332-2960
        
         EQT Infrastructure
         Glen Matsumoto, Partner, EQT Partners
         (914) 607 4502
        
         EQT Press Department
         +46 8 506 55 334

Westway Group, Inc. Logo