ArcLight Capital Partners has announced that Penn Products Terminals, a newly-formed portfolio company, has acquired Pyramid LLC, formerly, Petroleum Products Corporation, a petroleum pipeline terminals and logistics business.
Petroleum Products Corporation owns and operates a network of 12 high-quality refined products storage terminal facilities in Pennsylvania totaling approximately 9 million barrels of storage capacity.
Petroleum Products Corporation stores gasoline, diesel fuel, heating oil, heating oil kerosene, ethanol and biodiesel and is a 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 LLC 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. Petroleum Products Corporation 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."