Martin Resource Management Corporation Announces Transaction Between Alinda Capital Partners and Senterfitt Holdings Inc. | Nation / World
KILGORE, Texas – (BUSINESS WIRE) – November 29, 2021–
Martin Resource Management Corporation (âMRMCâ), which, through its wholly owned subsidiary, holds 51% of the voting rights (50% economic interest) in MMGP Holdings LLC (âHoldingsâ), the Sole owner of Martin Midstream GP LLC (the âGeneral Partnerâ), which is the general partner of Martin Midstream Partners LP (Nasdaq: MMLP) (âMMLPâ), today announced that Senterfitt Holdings Inc. (âSenterfittâ) indirectly acquired the 49% voting interest (50% economic interest) in the assets held by certain affiliated investment funds managed by Alinda Capital Partners (âAlindaâ) by purchasing certain entities from Alinda. Senterfitt is a private investment entity owned by Ruben S. Martin, III, President and CEO of MRMC.
âI am pleased to have the opportunity to simplify the general partner structure and consolidate control under Martin’s umbrella,â said Mr. Martin, âand in doing so, to show my personal commitment and support to MMLP and its management team. “
In connection with the announced transaction, Martin Resource LLC (“MRLLC”), a wholly owned subsidiary of MRMC, has entered into purchase option agreements (the “Agreements”) with the subsidiaries of Senterfitt, which own the stake in Holdings. Subject to certain conditions, MRLLC will have the right, but not the obligation, to purchase all of the holdings of the Holdings held by such subsidiaries for a period of ten years.
At closing, the general partner amended and reaffirmed its limited liability company agreement in order to revise the corporate governance procedures and eliminate Alinda’s preferential right with respect to the process of appointment to the board of directors. , which had enlarged the board of directors of the General Partner (the âBoardâ) to seven members and granted Alinda the preferential right to appoint three members. The elimination of the preferential right results in the reduction of the Board to five members, of which at least three must be independent in accordance with SEC and NASDAQ requirements. On closing, Holdings re-appointed Ruben S. Martin, III, Robert D. Bondurant, Byron Kelley, C. Scott Massey and James Collingsworth (a former member of Alinda) to serve on the board.
In addition to its interest in Holdings, MRMC, through various wholly owned subsidiaries, is one of the largest unitholders of MMLP holding approximately 6.1 million common limited partnership units of MMLP.
About Martin Resource Management Corporation
MRMC, through its various subsidiaries, is an independent provider of marketing and distribution services for high quality fuel oil, asphalt, diesel fuel and naphthenic lubricants. The privately held company is headquartered in Kilgore, Texas, and was founded in 1951 by RS and Margaret Martin. MRMC holds a 51% voting interest (50% economic interest) in Holdings, the only member of the general partner of MMLP.
About Senterfitt Holdings Inc.
Senterfitt is 100% owned by Ruben S. Martin, III, President and CEO of MRMC, and holds various personal investments on behalf of Ruben S. Martin, including through its subsidiaries the right interest in 49% vote (50% economic interest) in Holdings, the only member of the general partner of MMLP.
About Martin Midstream Partners
MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily on the Gulf Coast region of the United States. MMLP’s main business segments include: (1) terminal, processing, storage and packaging services for petroleum products and by-products; (2) land and sea transport services for petroleum products and by-products, chemicals and specialized products; (3) processing, manufacturing, marketing and distribution of sulfur and sulfur-based products; and (4) natural gas liquids marketing, distribution and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners LP on LinkedIn and Facebook.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211129005441/en/
CONTACT: Sharon Taylor
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: CHEMICALS / PLASTICS ENERGY OIL / GAS MANUFACTURING
SOURCE: Martin Midstream Partners LP
Copyright Business Wire 2021.
PUB: 11/29/2021 9:00 a.m. / DISC: 11/29/2021 9:02 a.m.
Copyright Business Wire 2021.