Martin Midstream Buys Cross' Specialty Lube Processing Assets

Martin Midstream Partners L.P. announced that it closed the acquisition of specialty naphthenic lubricant processing assets from Cross Oil Refining & Marketing Inc., a subsidiary of Martin Resource Management Corporation, the owner of Martin Midstream Partners' general partner.

In exchange for the assets, Martin Midstream Partners issued 804,721 common units and 889,444 subordinated units at a price of $27.96 and $25.16 per limited partner unit, respectively. This represents total consideration paid for the assets of $45.0 million.

In connection with the transaction, Martin Midstream GP LLC, the general partner of Martin Midstream Partners, made a capital contribution of $900,000 to Martin Midstream Partners in order to maintain its 2 percent general partner interest in it.