NuStar Energy L.P. (NYSE: NS) announced Monday that it has reached an agreement with Denham Capital, an energy- and commodities-focused global private equity firm, to acquire Denham’s equity holdings in Asphalt Holdings, Inc. for $44.1 million. The acquisition is expected to be immediately accretive to NuStar Energy’s distributable cash flow per unit.

The acquired operations involve the receipt, storage, and distribution of asphalt and crude oil via marine vessels, barges, tank trucks, and rail cars. The acquisition provides NuStar with three storage terminals that include 24 storage tanks with a total capacity of approximately 1.8 million barrels. Additionally, the terminals have rail- and truck-loading facilities and three docks with barge or ship access. The facilities are located in Alabama on 17 acres of land on Blakeley Island on the east bank of the Mobile River and another 28.5 acres at the Port of Chickasaw.

“I am excited to announce the acquisition of Asphalt Holdings and its three storage terminals,” said Curt Anastasio, chief executive officer and president of NuStar Energy L.P. and NuStar GP Holdings, LLC. “Acquiring the three storage terminals allows us to add to our already attractive set of fee-based assets in the U.S. Through this acquisition, we expand our terminal presence into a new market in the U.S. Gulf Coast and have the opportunity to expand into new asphalt markets as well.”

“We continue to see an active exit environment for our businesses,” commented Bill Zartler, managing partner and head of Denham’s Energy Infrastructure Group. “With today’s announcement, Denham has successfully exited six investments already in 2010. We are pleased that NuStar recognizes the valuable assets we were able to develop and that this sale meets Denham’s targeted returns.”