April 30, 2024 [Businesswire]- Tivoli Midstream LLC (“Tivoli”), today announced the closing of an acquisition of strategic terminal and infrastructure assets located in the Gulf Coast of Texas in Brazoria County (the “Chocolate Bayou Assets”) from affiliates of Ascend Performance Materials, LLC (“Ascend”).
The Chocolate Bayou Assets consist of approximately 3.0 million barrels of storage capacity, open land available for development and an extensive footprint of logistics assets. With over 100 storage tanks, the Chocolate Bayou Assets can handle a wide variety of renewables, refined products, specialty chemicals, LPGs and other products. Strategically located on the Chocolate Bayou, the Chocolate Bayou Assets have exceptional multi-modal connectivity through Union Pacific direct served rail, truck and barge access, in addition to a significant pipeline system between Freeport, Texas and Texas City, Texas.
The Chocolate Bayou Assets are anchored by a long-term partnership with Ascend, with ~2.5 million barrels of storage capacity available for third-party customers.
Tivoli is led by industry veterans with over 70 years of combined experience leading midstream and infrastructure organizations globally, including considerable experience in the Gulf Coast. Tivoli is backed by funds managed by Intrepid Investment Management, LLC, the investing arm of Intrepid Financial Partners, L.L.C. (“Intrepid”).
“With their acquisition of the Chocolate Bayou Assets, they are excited to create a leading Gulf Coast infrastructure hub,” said Rance Fromme, President of Tivoli. “They have significant history operating in the Gulf Coast and have long been impressed by the quality, scale, and diversity of the Chocolate Bayou Assets. They look forward to welcoming and providing customized solutions for their customers at their new facility.”
“They are excited to add the Chocolate Bayou Assets to their portfolio,” said Mike France, Head of Investment Management at Intrepid. “These are unique assets in a key demand market managed by a world class management team. With their extensive footprint and exceptional connectivity, under the leadership of the Tivoli Team, they believe the Chocolate Bayou Assets will be a world-class, third-party infrastructure facility.”
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