Martin Midstream Partners LP (NASDAQ: MMLP) announced Aug. 22 that it completed the sale of MMLP common units to Martin Resource Management Corp. (MRMC) for $45 million.

MRMC is the indirect controlling owner of the Partnership's general partner. With the purchase, MRMC now owns 19.7% of the oustanding limited partnership common units of Kilgore, Texas-based Martin Midstream Partners.

MRMC has no current intention to divest any of the MMLP units it owns. However, due to certain requirements under MRMC's credit agreement, both the newly acquired units and those already owned will be registered for resale under a separate Form S-3 registration statement to be filed with Securities and Exchange Commission.

The Partnership used proceeds to pay down outstanding indebtedness under its revolving credit facility. It intends to use availability under the revolving credit facility to fund the acquisition of the remaining Category A membership interests in Cardinal Gas Storage Partners LLC. That acquisition is scheduled to close during third-quarter 2014.