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Alinda to Acquire Interest in the GP of Martin Midstream Partners L.P.

 

August 14, 2013

 

Martin Resource Management Corporation (“MRMC”), owner of the general partner of Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP”) announced today that investment funds managed by Alinda Capital Partners acquired a 49% voting interest (50% economic interest) in MMGP Holdings LLC, a newly-formed sole member of Martin Midstream GP LLC, the general partner of MMLP.

 

Ruben Martin, President and Chief Executive Officer of MRMC, said “We are delighted to partner with Alinda. Their existing midstream asset portfolio, together with MMLP's existing asset base and operational expertise, creates a unique opportunity for significant growth for the Partnership over the next several years. We look forward not only to potential asset drop-downs from Alinda, but also additional acquisitions and development opportunities, many of which would have previously been out of reach for the Partnership. Alinda’s large capital base and desire for future additional investment in MMLP should serve the Partnership well as we move forward together as partners.”

 

Chris Beale, Managing Partner of Alinda, said: “We are pleased to be entering into a partnership with Ruben Martin and MRMC. We have been very impressed with the operational proficiency of the MRMC management team and MMLP’s existing business lines. We are eager to partner with them on future opportunities for MMLP and look forward to a long and successful partnership with an emphasis on quality operations and growth.”

 

About Martin Midstream Partners L.P.

 

Martin Midstream Partners L.P. (NASDAQ: MMLP) is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership’s primary business segments include: terminalling and storage services for petroleum products and by-products including the refining, blending, packaging and marketing of finished products; natural gas services, including liquids distribution services and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products. The Partnership is based in Kilgore, Texas and was founded in 2002. Additional information concerning MMLP is available on its website at www.martinmidstream.com

 

About Martin Resource Management Corporation

 

Martin Resource Management Corporation through its various subsidiaries (collectively “Martin”) is an independent provider of marketing and distribution of fuel oil, asphalt, sulfuric acid, diesel fuel and high-quality naphthenic lubricants. Martin markets over 250 million gallons of diesel fuel and lubricants per year along the Gulf Coast and approximately 1.5 million barrels of naphthenic lubricants and base oils per year throughout the United States. In addition, Martin provides surface transportation services for products such as molten sulfur, sulfuric acid, fuel oil, natural gas liquids (NGLs), asphalt, paper mill liquids, and other bulk tank liquids. Martin’s surface transportation capabilities include operating over 800 trucks and 1200 trailers across the United States through its network of 25 truck terminals. The privately-held company is based in Kilgore, Texas and was founded in 1951 by R.S. and Margaret Martin.

 

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The acquisition closed on August 30, 2013