This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Martin Midstream Partners L.P. Announces Acquisition Of Terminalling Assets

KILGORE, Texas, Jan. 31, 2011 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) ("MMLP" or the "Partnership") announced today the closing of the purchase of certain shore-based marine terminal assets from Martin Resource Management Corporation ("MRMC") the owner of Martin Midstream GP LLC (the "General Partner"), the general partner of MMLP.

Earlier today, MRMC purchased 100% of the membership interests in L&L Holdings (Louisiana), LLC ("L&L"). Simultaneous with the close of that transaction, MMLP acquired certain L&L terminals and terminalling related assets (the "Assets") from MRMC for a purchase price of approximately $36.5 million.  The acquisition is immediately accretive to MMLP unitholders and was funded using availability under the Partnership's revolving credit facility.

Through this acquisition, MMLP has acquired an additional 13 marine and one inland terminalling facility located across the Louisiana Gulf Coast.  The Partnership now owns a system of 27 shore-based facilities in four states along the Gulf Coast.

Ruben Martin, President and Chief Executive Officer of the General Partner, said, "We are pleased to announce strategic growth in the form of additional marine terminals from L&L. We have now created what we believe is one of the largest, most geographically diverse fuel and lube distribution systems on the Gulf Coast. More importantly, the transaction means additional stable, fee-based cash flows for our unit holders."

In similar fashion to the Partnership's existing marine terminal operations, MMLP has entered into a long-term throughput agreement with MRMC for use of the Assets. As part of the throughput agreement, MRMC will continue to own all inventory and working capital elements of the fuel and lubricant distribution business which is consistent with current and past practice. In addition, MRMC has agreed to guarantee a minimum throughput volume to the Partnership in exchange for use of the Assets, resulting in additional stable, fee-based cash flow to MMLP. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs