International-Matex Tank Terminals is set to acquire Epic Midstream.
The acquisition from affiliates of White Deer Energy and Blue Water Energy, values Epic at $171.5 million and is expected to close in the third quarter of 2017.
Epic has a portfolio of seven terminals in the US southeast and southwest, with principle operations in Savannah, Georgia. Storage capacity comprises 3.1 million barrels of refined petroleum, asphalt, biofuels and chemical storage capacity.
Richard Courtney, CEO of IMTT, says: 'The addition of Epic adds an exciting new dimension to IMTT. Together with a greatly expanded product line – jet fuel – Epic provide us with a presence in the strategically important Port of Savannah, some exciting new customer relationships and an energetic team.'
David Vattimo adds: 'IMTT and Epic are a great fit, commercially and culturally. We have put a tremendous amount of effort into improving and leasing the Epic assets over the past several years – we think both the team and the tanks will prove to be a great addition to IMTT.'
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