M&A Deal Summary

Martin Midstream Partners Acquires Cardinal Gas Storage Partners

On August 11, 2014, Martin Midstream Partners acquired energy services and equipment company Cardinal Gas Storage Partners from ECP and Redbird Gas Storage for 120M USD

Acquisition Highlights
  • This is Martin Midstream Partners’ 1st transaction in the Energy Services and Equipment sector.
  • This is Martin Midstream Partners’ 4th largest (disclosed) transaction.
  • This is Martin Midstream Partners’ 7th transaction in the United States.
  • This is Martin Midstream Partners’ 2nd transaction in Texas.
Investment Fate
  • Cardinal Gas Storage Partners was divested to a consortium of strategic buyers in 2019.

M&A Deal Summary
Date 2014-08-11
Target Cardinal Gas Storage Partners
Sector Energy Services and Equipment
Buyer(s) Martin Midstream Partners
Sellers(s) ECP
Redbird Gas Storage
Deal Type Add-on Acquisition
Deal Value 120M USD

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

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 7 of 9
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Texas) 2 of 4
Country (United States) 7 of 9
Year (2014) 2 of 3
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-05 Atlas Pipeline NGL Holdings

Tulsa,, Oklahoma, United States

Atlas Pipeline NGL Holdings, owns a common carrier natural gas liquids ("NGLs") transportation pipeline system.

Buy $135M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-01 West Texas LPG Pipeline

Bellaire, Texas, United States

West Texas LPG Pipeline Limited Partnership transports natural gas liquids through pipelines.

Buy -

Seller(S) 2

SELLER

ECP

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 27.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ECP is a specialist private equity firm focused on investments in energy infrastructure. Specific areas of interest include power generation, including renewable energy facilities; electric transmission; midstream gas, including gas storage and pipelines; and other energy service businesses and infrastructure assets. The Firm primarily targets opportunities located in North America. ECP was formed in 2005 and is based in Summit, New Jersey.

DEAL STATS #
Overall 9 of 24
Sector (Energy Services and Equipment) 4 of 7
Type (Add-on Acquisition) 5 of 12
State (Texas) 4 of 9
Country (United States) 9 of 22
Year (2014) 2 of 2
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-29 Wheelabrator Technologies

Hampton, New Hampshire, United States

Wheelabrator Technologies Inc. is a provider in the safe and environmentally sound conversion of municipal solid waste - and other renewable waste fuels - into clean energy. Wheelabrator Technologies was founded in 1908 and is based in Hampton, New Hampshire.

Buy $1.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-22 USD GROUP

Houston, Texas, United States

USD GROUP LLC engages in designing, developing, owning and managing large-scale multi-modal logistics centers and energy-related midstream infrastructure assets across North America.

Buy -
SELLER

Redbird Gas Storage

Kilgore, Texas, United States
Category Company
Founded 2011
Sector Oil/Gas Exploration
DESCRIPTION

Redbird Gas Storage LLC operates and manages natural gas storage facilities.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-05 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

Buy -
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