A newly formed portfolio company has acquired Pyramid LLC, a petroleum pipeline terminals and logistics business.
ArcLight Capital Partners announced that Penn Products Terminals has acquired Pyramid, which owns and operates a network of 12 refined products storage terminal facilities in Pennsylvania. This amounts to around nine million barrels of storage capacity.
Pyramid stores gasoline, diesel fuel, heating oil, heating oil kerosene, ethanol and biodiesel and is a leading distributor of these products to customers in Pennsylvania and six surrounding states.
All 12 terminals are connected by pipeline, barge and rail-connected and supplied from a diverse set of refined product sources including New York, Philadelphia, the Midwest and the Gulf Coast.
Managing partner of ArcLight Dan Revers says: ‘We have a long track record of investing in refined products storage and pipeline infrastructure and the acquisition of Pyramid is the culmination of that experience combined with a concerted effort by ArcLight over the last several years to invest in premiere infrastructure along the last mile of the value chain.’