Colonial Terminals Operating Company LLC – a subsidiary of Colonial Enterprises, Inc. and an affiliate of Colonial Pipeline Company – has entered into an agreement to purchase three refined product terminals from Lincoln Terminal Company, Inc, a Southeast products and biofuels marketing and logistics company. Two of the terminals are presently connected to the Colonial Pipeline Company system.
Colonial said the acquisition provides “an excellent opportunity for it to move into the terminal business, offering a complimentary service to the markets, including Colonial Pipeline Company’s customers, and lays the groundwork for further strategic expansion.”
Lincoln is a natural extension of its overall business, providing the opportunity to serve customers in new ways while building and strengthening relationships.
Over the next few months, Colonial Terminals Operating Company and Lincoln will work toward finalising and closing the acquisition, which is expected to be completed in approximately 90 days.
Bank of America served as financial advisor to Lincoln on the transaction. No other details of this transaction will be announced prior to closing.
For more information visit www.colpipe.com