Petroleum Products Corp., which includes a busy petroleum
terminal in Lower Swatara Township, has been sold to a Boston-based private
equity firm, according to an industry report.
ArcLight Capital Partners, which has invested
more than $12 billion in 88 transactions since it was founded in 2001, is
buying PPC, said the Oil Price Information Service.
The PPC assets have been on the market since
mid-2014. ArcLight targets midstream, power and production opportunities in
energy, OPIS reported.
Heidi Milne, director of public relations for ArcLight,
did not return a phone call this morning.
The PPC terminal in Lower Swatara is at 900 S. Eisenhower
Blvd. and is one of the biggest assets in the deal, OPIS reported. It has in
excess of 500,000 barrels of capacity, equal to the PPC facility in Coraopolis.
A PPC terminal at 127 Texaco Road in Silver Spring
Township, Cumberland County, is also part of the deal, as is a facility at 1360
Manheim Pike in Lancaster County. Other terminals are in Allentown, Altoona,
Dupont, Pittsburgh, Neville Island, Northumberland and Sinking Springs.
PPC owner and chairman John Arnold could not be reached
for comment this morning.’
Since the transaction involves two private companies, the
purchase price is not likely to be disclosed. OPIS sources said the price was
likely north of $1 billion. Investment house Credit
Suisse handled the sale.
The Pennsylvania terminals handle about 4 million barrels
of storage in facilities that range in size from 150,000 barrels to more than
500,000 barrels, OPIS reported. Reports indicated annual EBITDA of
approximately $100 million in 2014.
Source: Central
Penn Business Journal
No comments:
Post a Comment