Martin Resource Management Corp. has completed its sale of a 49% voting interest (50% economic interest) in MMGP Holdings LLC, a newly formed sole member of Martin Midstream GP LLC, the general partner of Martin Midstream Partners LP, to certain affiliated investment funds managed by Alinda Capital Partners. At closing, Alinda appointed Alex W. F. Black and Sean P. Dolan to serve as directors on the board of MMGP.
Black is a partner at Alinda, which he joined in 2008. Prior to joining Alinda, he was a senior director of Kroll Zolfo Cooper LLC, a consulting firm based in New York. Black has been CEO, CFO or head of operations at several businesses in the US and the UK. Prior to that, he was an audit supervisor at Touche Ross & Co. Black is a chartered engineer, a chartered insolvency and restructuring advisor, and a chartered accountant. He has a Bachelor of Science degree from Exeter University in the UK.
Dolan is a managing director of Alinda, which he joined in 2009. Prior to joining Alinda, he spent over 12 years with Citigroup Global Markets in investment banking, primarily focused on the energy sector. Dolan received a bachelor's degree from Georgetown University.
In addition, prior to closing, Martin Resource Management reappointed Ruben S. Martin III, Joe Averett, Byron Kelley, Hank Still and C. Scott Massey to serve on the board of directors of MMGP.
Based in Kilgore, Texas, Martin Midstream Partners LP has a diverse set of operations focused primarily in the US Gulf Coast region. Its primary business segments include terminaling and storage services for petroleum products and byproducts.
Martin Resource Management Corp., through its various subsidiaries, is an independent provider of marketing and distribution of fuel oil, asphalt, sulfuric acid, diesel fuel and high-quality naphthenic lubricants. The company markets more than 250 million gallons of diesel fuel and lubricants per year along the US Gulf Coast and approximately 1.5 million barrels of naphthenic lubricants and base oils per year throughout the US.
Alinda Capital Partners is an infrastructure investment firm, with approximately $7.8 billion in equity commitments to infrastructure investments. Through its affiliated managed investment funds, Alinda currently owns Houston Fuel Oil Terminal Company, a 16.1 million barrel crude and residual fuel oil terminal on the Houston Ship Channel; NorTex Midstream Partners, a large independent natural gas storage company with 35 billion cubic feet of gas storage serving the Dallas-Fort Worth market; and a 50% equity interest in RIGS Haynesville Partnership Co., which owns a 464-mile intrastate natural gas pipeline with a capacity of 2.1 billion cubic feet a day in Louisiana.