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BOCA RATON, Fla.,
Feb. 25, 2014 /PRNewswire/ -- The international law firm
Greenberg Traurig represented
Martin Resource Management Corporation (MRMC or the Company), a leading independent provider of marketing, distribution and transportation of hydrocarbon products and by-products and the co-owner of the general partner of publicly traded Martin Midstream Partners L.P. (NASDAQ: MMLP), in a second stage transaction with its Employee Stock Ownership Plan (ESOP) enabling MRMC to become a 100% employee owned company. In 2012, the ESOP had acquired a substantial minority interest in MRMC.
Greenberg Traurig provided counsel in the areas of plan design, finance and banking arrangements, stock redemption, securities, tax, employee benefits and other matters related to the Company's ESOP structure. The firm also advised in the areas of corporate and ERISA fiduciary duties.
The Greenberg Traurig transaction team for the second stage sale of Martin Resource Management Corporation to the ESOP was led by shareholders
Jeffrey S. Kahn and
Rebecca G. DiStefano (
Boca Raton), and
Marc R. Baluda (
San Francisco). Also on the team were Tax shareholders
Brandon G. Feingold (
Alejandro M. Ruiz (
Tom West (
Washington D.C.), and
Richard A. Sirus (
Chicago); Corporate and Securities shareholders
Ronald G. Skloss (
Francis R. Bradley III (
Jonathan I. Lessner (
Wilmington); and Corporate and Securities associates,
Catherine Yeager Livingston (
Joseph C. Workman (
Chicago). The investment banking firm of
CSG Partners worked closely with Greenberg Traurig, and was led by Director
In November, the firm received the
Global M&A Network's"North America M&A Deal of the Year - Middle Markets" award for its role in the first stage acquisition of the Company by its ESOP at the Americas M&A Atlas Awards Gala in
New York City.
After the successful first stage ESOP sale in 2012, "MRMC reviewed the opportunity the ESOP represented, both from a corporate financial perspective and from the perspective of further sharing the equity of the business with its employees," said Kahn. "By recognizing the continued enhanced productivity resulting from employee investment in the business, as well as the tax efficient benefits offered by Congress for broad-based employee ownership, the Company has further embraced the value proposition of ESOPs."