- Martin Contributing Its Sulfuric Acid Business to a New Joint Venture with Copperbeck Energy Partners LLC
- Continued Commitment to Maintaining Martin’s Signature High-Quality Customer Service
- Customer-Focused Investment in Improved Sulfuric Acid Logistics and Handling Infrastructure
- Well-Capitalized Copperbeck Energy Partners to Help Drive Growth through Additional Equity Investment
KILGORE, Texas and ROSWELL, Ga., Aug. 29, 2017 (GLOBE NEWSWIRE) -- 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