ArcLight Capital Partners’-backed Penn Products Terminals has acquired Pyramid, formerly Petroleum Products Corporation, a petroleum pipeline terminals and logistics business. Pyramid runs 12 refined products storage terminals in Pennsylvania totaling 9 million barrels of storage capacity. Pyramid stores gasoline, diesel fuel, heating oil, oil kerosene, ethanol and biodiesel.
ArcLight Capital Partners, LLC (“ArcLight”) announced today that Penn Products Terminals, a newly-formed portfolio company, has acquired Pyramid LLC, formerly, Petroleum Products Corporation (“Pyramid (f/k/a PPC)”), a petroleum pipeline terminals and logistics business. Pyramid (f/k/a PPC) owns and operates a network of 12 high-quality refined products storage terminal facilities in Pennsylvania totaling approximately 9 million barrels of storage capacity.
Pyramid (f/k/a PPC) 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. The terminals are pipeline, barge and rail-connected and supplied from a geographically diverse set of refined product sources including New York, Philadelphia, the Midwest and Gulf Coast.
Dan Revers, Managing Partner and Co-founder of ArcLight, said, “We have a long track record of investing in refined products storage and pipeline infrastructure and the acquisition of Pyramid (f/k/a PPC) 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. Pyramid (f/k/a PPC) is led by a highly experienced management team and will serve as a solid platform for follow-on investments in refined product storage and wholesale distribution.”
About ArcLight Capital Partners
ArcLight is one of the leading private equity firms focused on North American energy infrastructure assets. Since its establishment in 2001, ArcLight has invested over $12.7 billion across multiple energy cycles in more than 90 power, midstream and production assets. Headquartered in Boston, Massachusetts with an additional office in Luxembourg, the firm’s investment team brings extensive energy expertise, industry relationships, and specialized value creation capabilities to its portfolio. More information about ArcLight, as well as a complete list of ArcLight’s portfolio companies can be found at http://www.arclightcapital.com.
SOURCE ArcLight Capital Partners, LLC