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Sprague Resources acquires terminals

Published by , Editorial Assistant
Tanks and Terminals,

Sprague Resources LP (Sprague) has announced that its operating subsidiary, Sprague Operating Resources LLC, has signed a definitive agreement to purchase the Lawrence and Inwood, NY refined product terminal assets of Carbo Industries, Inc. and Carbo Realty, L.L.C. (Carbo). Sprague will pay total consideration of approximately US$70 million, plus payments for inventory and other customary items. The consideration is comprised of approximately US$30 million of SRLP units to be issued at closing, US$10 million in cash paid at closing and the balance in cash, paid ratably over 10 years.

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