Martin Resource Management Corporation and Copperbeck Energy Partners Announce the Formation of a New Joint Venture to be Nam...
August 29 2017 - 3:30PM
Martin Resource Management Corporation (“MRMC”), announced today
the formation of a new joint venture pertaining to Martin Product
Sales LLC’s sulfuric acid business (the “Business”). The
joint venture, to be named Saconix LLC (“Saconix”), is being formed
with Copperbeck Energy Partners LLC (“Copperbeck”), a portfolio
company of Tailwater Capital LLC. MRMC is contributing the
entirety of the Business to Saconix, which will continue to be
headquartered in Roswell, Georgia. Additionally, all
employees will continue in their existing roles providing a
seamless transition for customers and suppliers of the Business.
Upon closing, Copperbeck will own 62.5% of Saconix and MRMC
will own the remaining 37.5%.
Ruben Martin, President and Chief Executive Officer said, “I’m
proud of the significant accomplishments and growth achieved by the
Martin Product Sales sulfuric acid team over nearly two
decades. The team provides our hallmark and industry-leading
customer service experience in handling, transportation, safety,
technical and related sulfuric acid expertise. The formation
of Saconix is the logical next step forward for the Business and
will allow us to provide a more comprehensive set of capabilities
to new and existing customers. This new joint venture marries
Martin’s sulfuric acid logistics and service solutions with
Copperbeck’s focus on strategic corporate development and growth
through additional capital investment. We look forward to the
new avenues of growth that this partnership with Copperbeck should
provide for our customers, suppliers and for the Saconix
employees.”
The joint venture is expected to close on or before October 15,
2017, and remains subject to customary closing conditions and
required consents.
About Martin Resource Management Corporation
Martin Resource Management Corporation (“MRMC”) through its
various operating subsidiaries is an independent provider of
marketing and distribution and transportation of hydrocarbon
products and by-products including asphalt, molten sulfur,
sulfur-based derivatives including sulfuric acid, fuel oil, natural
gas liquids, paper mill liquids, and other bulk tank liquids.
Additionally, MRMC markets and distributes naphthenic
lubricating oils for specialty applications used in the automotive,
energy and petrochemical industries. MRMC also owns the
majority (a 51.0% interest) of the general partner of the publicly
traded master limited partnership, Martin Midstream Partners L.P.
(NASDAQ:MMLP) and approximately 16.5% of the outstanding limited
partnership units. For more information, please visit:
themartincompanies.com
About Copperbeck Energy Partners LLC
Dallas-based Copperbeck Energy Partners is a private energy
company focused on providing strategic midstream and
downstream-adjacent infrastructure and services for refineries,
petrochemical and industrial concerns. Formed in 2017 with a
substantial equity commitment from Tailwater Capital LLC,
Copperbeck utilizes a creative approach to strategic asset and
corporate development opportunities through structuring, management
and operational flexibility. For more information, please
visit www.copperbeck.com.
About Tailwater Capital LLC
Dallas-based Tailwater Capital is a sophisticated,
growth-oriented energy private equity firm with a well-established
track record, having executed more than 65 energy transactions in
the upstream and midstream sectors representing over $16.6 billion
in transaction value. Tailwater currently manages over $2.1
billion in committed capital, over $700 million of which is
available for new investments. Tailwater is focused on acquiring
and growing midstream assets as well as participating in
non-operated upstream opportunities in select basins. For
more information, please visit www.tailwatercapital.com
For more information:
Al Foley – Saconix
678-461-0456
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