November 15, 2017 [Blackline Partners] - Blackline Partners LLC, a leader in providing customer-focused midstream logistics and infrastructure solutions for the North American energy markets, and TPG Sixth Street Partners (“TSSP”), a global credit and credit-related investment firm, today announced the formation of Blackline Midstream, a growth oriented joint venture with the purpose of acquiring and developing oil and gas midstream infrastructure assets.
In conjunction with the joint venture formation, Blackline Midstream has acquired SEA-3, Inc. (“SEA-3”), owner of New England’s premier propane storage and distribution terminal located in Newington, New Hampshire from Trammo, Inc. Trammo’s Houston, TX team previously dedicated to the SEA-3 business have joined Blackline Midstream and will operate from the Blackline Midstream office in Houston, TX. In addition, all of SEA-3’s New Hampshire based terminal operating personnel will remain in place.
SEA-3’s assets consist of 530,000 barrels of propane storage, a 5-lane 24/7 truck loading rack, an ocean-access marine vessel receiving/loading dock, and a 6-spot rail receiving rack. In addition, SEA-3 has a fully approved upgrade project which will significantly increase the rail unloading capacity of the terminal giving it access to both domestic and international markets.
“Blackline’s deeply experienced operations management team combined with TSSP’s financial strength and expertise position us to integrate SEA-3 into a strong, well-equipped midstream growth platform,” said Mike Day, CEO of Blackline Partners. “We will immediately commence the rail expansion project at Newington in order to position SEA-3 as the most flexible and reliable propane supply terminal in the Northeast United States. On a personal note, as a native of New England, it is a privilege to be able to invest in the people and infrastructure of New England that serve the energy needs of the region.”
“With the rail expansion project, we will be able to remain competitive under any market supply scenario,” added David Herr, VP of Marketing at Blackline, who will be managing product commercial operations for Blackline Midstream. “All existing commercial agreements will be carried forward, and customers of the terminal will experience a seamless transition following the acquisition.”
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