Martin Midstream Partners L.P. (MMLP) said Thursday that its subsidiary, Martin Operating Partnership L.P., has entered into an asset purchase agreement to acquire substantially all of the assets and inventory of NL Grease, LLC, a Kansas City, Missouri based grease manufacturer that specializes in private-label packaging of commercial and industrial greases.
The acquisition is expected to close before the end of July.
Martin Midstream Partners expects incremental cash flow of about $2.5 million annually from the newly acquired assets.
Ruben Martin, President and Chief Executive Officer of MMLP's General Partner said, "The NL Grease acquisition represents the first of what we believe could be many tuck-in acquisitions in our fast-growing lubricant packaging business. These assets are also a natural vertical integration of our naphthenic refinery's base oil business in Smackover, Arkansas."
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