Sprague Resources LP Announces Sale of Interest in General Partner

Rhea-AI Summary

Sprague Resources LP (NYSE: SRLP) announced the acquisition of its General Partner and related interests by Sprague HP Holdings, LLC. This transaction grants the Buyer approximately 74.5% of Sprague's outstanding common units. The deal is indicative of strategic consolidation within the organization, potentially strengthening control and operational efficiency. Sprague operates in the purchasing, storage, and distribution of refined petroleum products and natural gas, providing essential services in the energy sector.

Positive

• Acquisition strengthens control over the general partnership and operational efficiency.
• Buyer now holds approximately 74.5% of the Partnership's outstanding common units.

Negative

• None.

PORTSMOUTH, N.H., May 28, 2021 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague” or the “Partnership”) (NYSE: SRLP) announced that today Sprague HP Holdings, LLC (“Buyer”), acquired from Sprague Resources Holdings LLC (Sprague Holdings”) 100% of the limited liability company interests of Sprague Resources GP LLC (the “General Partner”), the general partner of Sprague; all of Sprague Holding’s common units; and, all of the Partnership’s Incentive Distribution Rights. The Buyer and its affiliates now collectively hold approximately 74.5% of the Partnership’s outstanding common units.

About Sprague Resources LP
Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. The company also provides storage and handling services for a broad range of materials. More information concerning Sprague can be found at www.spragueenergy.com.

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

FAQ

What recent acquisition was announced by Sprague Resources LP (SRLP)?

Sprague Resources LP announced the acquisition of its General Partner and related interests by Sprague HP Holdings, LLC.

What percentage of common units does Sprague HP Holdings hold after the acquisition?

After the acquisition, Sprague HP Holdings holds approximately 74.5% of Sprague's outstanding common units.

What does Sprague Resources LP do?

Sprague Resources LP is engaged in the purchase, storage, distribution, and sale of refined petroleum products and natural gas.

Where can I find more information about Sprague Resources LP?

More information about Sprague Resources LP can be found on their website at www.spragueenergy.com.