Martin Resource Closes Transaction With Alinda Capital Partners

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
0MM
Description

Purchased a 49% voting interest in MMGP Holdings LLC, the general partners of Martin Midstream Partners LP.

Martin Resource Management Corp. completed its sale of a 49% voting interest (50% economic interest) in MMGP Holdings LLC, a newly-formed sole member of Martin Midstream GP LLC (MMGP), the general partner of Martin Midstream Partners LP (Nasdaq: MMLP), to certain affiliated investment funds managed by Alinda Capital Partners.

At closing, Alinda appointed Alex W. F. Black and Sean P. Dolan to serve as directors on the board of MMGP. Black is a partner at Alinda, which he joined in 2008. Prior to joining Alinda, he was a senior director of Kroll Zolfo Cooper LLC, a consulting firm based in New York. He has been CEO, chief financial officer or head of operations at several businesses in the U.S. and UK. Prior to that, he was an audit supervisor at Touche Ross & Co. He is a chartered engineer, chartered insolvency and restructuring advisor, and a chartered accountant. He has a bachelor of science honors degree from Exeter University in the UK. He was selected to serve as a director on the board due to his affiliation with Alinda, his knowledge of the energy industry and his financial, business and operational expertise.

Dolan is a Managing Director of Alinda, which he joined in 2009. Prior to joining Alinda, he spent over 12 years with Citigroup Global Markets in investment banking primarily focused on the energy sector. He received a bachelor's degree from Georgetown University. He was selected to serve as a director on the board due to his affiliation with Alinda, his knowledge of the energy industry and his financial and business expertise.

In addition, prior to closing, Martin Resources Management reappointed Ruben S. Martin III, Joe Averett, Byron Kelley, Hank Still and C. Scott Massey to serve on the board of directors of MMGP.

"We are pleased to announce the closing of the MMGP Holdings transaction. This commences a new era of growth for our partnership. Further, we welcome Alex and Sean to our board and look forward to the experience and perspective they bring," Ruben Martin, president and CEO of MMLP's General Partner, said in the release.

Martin Midstream Partners LP collects, transports, stores, and markets petroleum products and by-products in the United States Gulf Coast region. The company is based in Kilgore, Texas.