Texas company buys Gulf Coast terminals

Martin Midstream Partners LP has acquired Jennings-based Talen’s Marine & Fuel LLC and its 10 marine terminals along the Gulf Coast, including the fuel distributor’s tank farm in Port Fourchon.

Kilgore, Texas-based Martin said in a news release that its net investment was $47.4 million, although the total included the sale of some of Martin’s assets to a subsidiary.

The deal adds 300,000 barrels of tank storage to Martin’s portfolio, 4,000 feet of water-accessible bulkhead, as well as marine fueling barges and tugboats.

Talen’s also has docks in Lake Charles, Houma and Freshwater City and has bulk plants in Jennings and Broussard. It has Texas docks in Houston, Port Arthur and Galveston.

Martin said it expected the deal to increase cash flow by roughly $6 million to $7 million in 2013.