Martin Midstream Partners LP has announced the sale of certain assets used in connection with the Mega Lubricants shore-based terminals business to John W. Stone Oil Distributor, LLC for $22.4 million.
Mega Lubricants is engaged in the business of blending, manufacturing and delivering various marine application lubricants, sub-sea specialty fluids, and proprietary developed commercial and industrial products.
Robert Bondurant, executive vice president, chief financial officer and director of the partnership, said: “The announcement today reflects our continued emphasis on debt reduction through the sale of non-core assets allowing MMLP to focus on our commercial strengths and long-term relationships built around our refinery services assets.
“As I stated in our last earnings call, my vision as I begin my role as CEO on January 1, 2021 is to make our partnership attractive to investors again. Reducing our leverage is integral to that vision.”
John Stone, Jr, general manager of Stone Oil, added: “With the acquisition of the lubricant formulation, blending, and distribution business, we are excited to expand our offering. Mega Lubricants and John W. Stone Oil Distributor are very complementary businesses that share the same business spirit: a commitment to safety, quality, and service.
“Mega Lubricant’s delivery operations will expand Stone Oil’s existing distribution and delivery operations. We look forward to integrating seamlessly because of the similarities in corporate culture and personnel. We are excited about this acquisition and continue to look at growth in the future.”
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