Martin Resource Management Corporation Announces Transaction With Senterfitt Holdings Inc.

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Neutral)

Tags

12/28/2021 - 04:01 PM

KILGORE, Texas--(BUSINESS WIRE)-- Martin Resource Management Corporation (“MRMC”), announced today that Martin Resource LLC (“MRLLC”), a wholly owned subsidiary of MRMC, exercised its call right options with Senterfitt Holdings Inc. (“Senterfitt”) to acquire a 49% voting interest (50% economic interest) in MMGP Holdings LLC (“Holdings”). Holdings is the sole owner of Martin Midstream GP LLC (the “General Partner”), the general partner of Martin Midstream Partners L.P. (Nasdaq: MMLP) (“MMLP”). Upon closing MRMC indirectly holds 100% of the membership interests in Holdings and the General Partner. The transaction was effective December 22, 2021.

In addition to its interest in Holdings, MRMC, through various wholly-owned subsidiaries, is one of the largest unit holders of MMLP owning 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 fuel oil, asphalt, diesel fuel and high-quality naphthenic lubricants. The privately-held company is based in Kilgore, Texas and was founded in 1951 by R.S. and Margaret Martin. MRMC indirectly holds 100% of the membership interests in Holdings, the sole member of the General Partner of MMLP.

About Senterfitt Holdings Inc.

Senterfitt is wholly-owned by Ruben S. Martin, III, President and Chief Executive Officer of MRMC, and holds various personal investments on Ruben S. Martin's behalf.

About Martin Midstream Partners

MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn and Facebook.

MMLP-C