Sprague Resources LP Announces Closing of Merger with Hartree Affiliate and Delisting of Its Common Units

Rhea-AI Summary

Sprague Resources LP announced the completion of its merger with Hartree Partners, LP, effective November 1, 2022. This transaction transitions Sprague from a publicly traded entity to a private company wholly owned by Hartree Partners. The common units of Sprague will no longer be listed on the NYSE. Hartree, established in 1997, is a notable global merchant commodities firm focusing on energy and related industries.

Positive

• Transitioning to private ownership may lead to more strategic focus and operational flexibility.
• Hartree's expertise in commodity markets could enhance Sprague's market positioning.

Negative

• Removal from NYSE may limit access to capital markets for future growth.
• Investors may experience a loss of liquidity as shares are no longer publicly traded.

PORTSMOUTH, N.H., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Sprague Resources LP (the “Partnership” or “Sprague”) today announced that the transaction contemplated by the Agreement and Plan of Merger dated June 2, 2002, and as amended on August 31, 2022, by and among the Partnership, Sprague Resources GP LLC, and affiliates of Hartree Partners, LP (“Hartree”), was completed on Tuesday, November 1, 2022 at 12:01 a.m. The closing of the transaction takes the Partnership from a publicly traded company to a private company solely owned by Hartree, and the Partnership’s common units will no longer be listed on the NYSE.

About Sprague Resources LP
Sprague Resources LP is a master limited partnership engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. Sprague also provides storage and handling services for a broad range of materials.

About Hartree Partners, LP
Hartree is a well-established global merchant commodities firm concentrating in energy and its associated industries. Formed in 1997, the firm focuses on identifying value in the production, refinement, transportation and consumption of tradable commodities including: electric power, natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, metals, carbon and petrochemicals, among others. Hartree is jointly owned by its senior management and certain funds managed by Oaktree Capital Management, L.P.

Investor Contact:
Paul Scoff
+1 800.225.1560
investorrelations@spragueenergy.com 

FAQ

What is the significance of the Sprague Resources LP merger with Hartree Partners, LP?

The merger signifies Sprague's transition to private ownership, allowing for a focused strategy under Hartree's guidance.

When was the Sprague merger with Hartree completed?

The merger was completed on November 1, 2022.

What happens to Sprague Resources LP's common units after the merger?

After the merger, Sprague's common units will no longer be listed on the NYSE.

How does the merger impact Sprague Resources LP's business operations?

The merger may enhance operational flexibility and strategic focus, leveraging Hartree's expertise in commodities.