M&A Deal Summary

Hartree Bulk Storage Acquires Cardinal Gas Storage Partners

On July 1, 2019, Hartree Bulk Storage acquired energy services and equipment company Cardinal Gas Storage Partners from Martin Midstream Partners

Acquisition Highlights
  • This is Hartree Bulk Storage’s 1st transaction in the Energy Services and Equipment sector.
  • This is Hartree Bulk Storage’s 1st transaction in the United States.
  • This is Hartree Bulk Storage’s 1st transaction in Texas.

M&A Deal Summary
Date 2019-07-01
Target Cardinal Gas Storage Partners
Sector Energy Services and Equipment
Buyer(s) Hartree Bulk Storage
Sellers(s) Martin Midstream Partners
Deal Type Divestiture

Target

Cardinal Gas Storage Partners

Houston, Texas, United States
Cardinal Gas Storage Partners LLC focuses on the operation and management of natural gas storage facilities in the Gulf Coast region. Cardinal Gas believes that the natural gas storage business plays a fundamental role in supporting the nation's growing natural gas supply and demand. Cardinal's storage facilities are positioned in strategic locations for customers which will continue to enhance the value of Cardinal's assets and increase demand for our gas storage capacity. Cardinal currently operates both salt cavern and depleted reservoir gas storage facilities. Arcadia Gas Storage, LLC, Cadeville Gas Storage LLC, Monroe Gas Storage Company, LLC and Perryville Gas Storage LLC

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Buyer(S) 1

Buyer

Hartree Bulk Storage

New York, New York, United States
Category Company
Sector Energy Services and Equipment
DESCRIPTION

Hartree Bulk Storage LLC is a liquids storage, terminaling, and logistics platform company. Hartree Bulk Storage LLC offers bulk liquids storage infrastructure services. Hartree Bulk Storage LLC provides solutions to refiners, petrochemical manufacturers, marketers, and producers of crude oil, refined products, and other bulk liquids. The company is based in New York, New York.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1

Seller(S) 1

SELLER

Martin Midstream Partners

Kilgore, Texas, United States
Category Company
Founded 2002
Sector Energy Services and Equipment
Revenue 797M USD (2023)
DESCRIPTION

Martin Midstream Partners is engages in terminalling, storage and packaging services for petroleum products and by-products including refining, blending and packaging of finished lubricants,Natural gas liquids distribution services and natural gas storage. Martin Midstream Partners was founded in 2002 and is based in Kilgore, Texas.

DEAL STATS #
Overall 4 of 4
Sector (Energy Services and Equipment) 2 of 2
Type (Divestiture) 4 of 4
State (Texas) 2 of 2
Country (United States) 4 of 4
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-02 Martin Resource Management - Martin Transport

Kilgore, Texas, United States

Martin Transport, Inc. is a fleet of tank trucks providing transportation of petroleum products, liquid petroleum gas, chemicals, sulfur, and other products.

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