International-Matex Tank Terminals (IMTT) is set to pay pay $171.5m for Epic Midstream (Epic) when it acquires the business from affiliates of White Deer Energy and Blue Water Energy.
“The addition of Epic adds an exciting new dimension to IMTT,” Chief Executive Officer of IMTT, Richard Courtney said. “Together with a greatly expanded product line – jet fuel – Epic provides us with a presence in the strategically important Port of Savannah, some exciting new customer relationships and an energetic team assembled by terminal industry veteran David Vattimo.
“IMTT and Epic are a great fit, commercially and culturally. We have put a tremendous amount of effort into improving and leasing the Epic assets over the past several years – we think both the team and the tanks will prove to be a great addition to IMTT.”
Epic operates seven terminals in the U.S. Southeast and Southwest, with principal operations in Savannah, Georgia. The facilities comprise approximately 3.1 million barrels of refined petroleum, asphalt, biofuels and chemical storage capacity. The business is supported by take-or-pay contracts like those at IMTT.
For more information visit www.imtt.com
14th Aug 2017
