Pilot Flying J, a top operator of highway truck stops in North America, has agreed to acquire NGL Energy Partners’ (NGL.N) TransMontaigne Product Services assets, according to two people familiar with the matter.
NGL, an operator of pipelines, barges and railcars, in early August said it had agreed to sell its TransMontaigne business unit and associated assets for roughly $300 million to an undisclosed buyer.
Those assets include terminal agreements and line space on the Colonial and Plantation pipelines, two of the biggest fuel pipelines in the country that connect the Gulf Coast refining hub to the Southeast and populous East Coast markets.
The deal also includes two refined products terminals in Georgia, and other assets, including customer contracts. The sale resulted from a strategic review of its refined products business, NGL said at the time.
A representative for Pilot Flying J did not respond to a request for comment.
NGL Energy Partners’ chief financial officer Trey Karlovich declined to comment on the buyer or share any additional details of the sale.
Privately owned Pilot Flying J has been expanding its footprint in recent years, notably in the crude marketing space.
This year the company hired Pat Grimes, previously head of U.S. trading for AOT Energy Americas, and last year it acquired Bridger’s crude transportation business to expand its presence in trucking and crude hauling.
Oil Price Information Service (OPIS) first identified Pilot Flying J as the buyer of NGL Energy’s TransMontaigne assets.
Source: Reuters.com