US-based Martin Midstream Partners announced the closing of two separate purchase agreements with certain wholly-owned subsidiaries of Martin Resource Management ("MRMC" or the "Parent"), the owner of Martin Midstream GP (the "General Partner").
In the first transaction, MMLP purchased certain specialty lubricant product packaging assets from Cross Oil Refining & Marketing, a wholly-owned subsidiary of the Parent, according to nasdaq.com.
Total consideration for the Packaging Assets comprised $121.8m in cash, including working capital of approximately $36.8m at closing, subject to certain post-closing adjustments.
In the second transaction, the Partnership purchased all of the remaining Class A equity interests in Redbird Gas Storage for $150m in cash.
MMLP general partner president and CEO Ruben Martin said they were pleased to announce two separate drop downs exemplifying the diverse nature of its partnership.
"Additionally, we are pleased to acquire the remaining portion of the Redbird Gas Storage joint venture. We are excited about the future of the Partnership as we continue to expand and diversify for the future," Martin said.
Martin Midstream Partners is a publicly traded limited partnership with a diverse set of operations focused primarily in the US Gulf Coast region.