Blackline Midstream has been formed by Blackline Partners and TPG Sixth Street Partners (TSSP). At the same time Blackline Midstream acquired SEA-3 (SEA-3), owner of a New England’s propane storage and distribution terminal located in Newington, New Hampshire from Trammo.
Trammo’s Houston, TX team previously dedicated to the SEA-3 business have joined Blackline Midstream and will operate from the Blackline Midstream office in Houston. In addition, all of SEA-3’s New Hampshire based terminal operating personnel will remain in place.
SEA-3’s assets consist of 530,000 barrels of propane storage, a five-lane 24/7 truck loading rack, an ocean-access marine vessel receiving/loading dock, and a six-spot rail receiving rack. In addition, SEA-3 has a fully approved upgrade project which will significantly increase the rail unloading capacity of the terminal giving it access to both domestic and international markets.
Blackline Partners’ CEO, Mike Day said: “Blackline’s deeply experienced operations management team combined with TSSP’s financial strength and expertise position us to integrate SEA-3 into a strong, well-equipped midstream growth platform. We will immediately commence the rail expansion project at Newington in order to position SEA-3 as the most flexible and reliable propane supply terminal in the Northeast United States. On a personal note, as a native of New England, it is a privilege to be able to invest in the people and infrastructure of New England that serve the energy needs of the region.”
Blackline’s VP of Marketing, David Herr will be managing product commercial operations for Blackline Midstream and said: “With the rail expansion project, we will be able to remain competitive under any market supply scenario who will be. All existing commercial agreements will be carried forward, and customers of the terminal will experience a seamless transition following the acquisition.”
For more information visit www.blackline-partners.com
16th Nov 2017