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Martin Resource Management Corporation Announces Transaction With Senterfitt Holdings Inc.
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Martin Resource Management Corporation (MRMC) announced the acquisition of a 49% voting interest in MMGP Holdings LLC from Senterfitt Holdings Inc. This transaction, which became effective on December 22, 2021, allows MRMC to indirectly hold 100% membership interests in MMGP Holdings and its General Partner, Martin Midstream GP LLC. MRMC is also a major unit holder of Martin Midstream Partners L.P. (MMLP), owning approximately 6.1 million common limited partnership units.
Positive
MRMC's acquisition of 49% voting interest in MMGP Holdings enhances its control over Martin Midstream Partners L.P.
The transaction solidifies MRMC's position as a major unit holder with approximately 6.1 million common limited partnership units.
Negative
None.
KILGORE, Texas--(BUSINESS WIRE)--
Martin Resource Management Corporation (“MRMC”), announced today that Martin Resource LLC (“MRLLC”), a wholly owned subsidiary of MRMC, exercised its call right options with Senterfitt Holdings Inc. (“Senterfitt”) to acquire a 49% voting interest (50% economic interest) in MMGP Holdings LLC (“Holdings”). Holdings is the sole owner of Martin Midstream GP LLC (the “General Partner”), the general partner of Martin Midstream Partners L.P. (Nasdaq: MMLP) (“MMLP”). Upon closing MRMC indirectly holds 100% of the membership interests in Holdings and the General Partner. The transaction was effective December 22, 2021.
In addition to its interest in Holdings, MRMC, through various wholly-owned subsidiaries, is one of the largest unit holders of MMLP owning approximately 6.1 million common limited partnership units of MMLP.
About Martin Resource Management Corporation
MRMC through its various subsidiaries is an independent provider of marketing and distribution services for fuel oil, asphalt, diesel fuel and high-quality naphthenic lubricants. The privately-held company is based in Kilgore, Texas and was founded in 1951 by R.S. and Margaret Martin. MRMC indirectly holds 100% of the membership interests in Holdings, the sole member of the General Partner of MMLP.
About Senterfitt Holdings Inc.
Senterfitt is wholly-owned by Ruben S. Martin, III, President and Chief Executive Officer of MRMC, and holds various personal investments on Ruben S. Martin's behalf.
About Martin Midstream Partners
MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn and Facebook.
What is Martin Resource Management Corporation's recent acquisition related to MMLP?
Martin Resource Management Corporation acquired a 49% voting interest in MMGP Holdings LLC, enhancing its control over Martin Midstream Partners L.P. (MMLP).
When was the acquisition of MMGP Holdings by MRMC effective?
The acquisition became effective on December 22, 2021.
How many common limited partnership units does MRMC own in MMLP?
MRMC owns approximately 6.1 million common limited partnership units of Martin Midstream Partners L.P. (MMLP).
Who is the parent company of Martin Midstream Partners L.P.?
The parent company of Martin Midstream Partners L.P. is Martin Resource Management Corporation.
