Massachusetts-based International Companions LP has accomplished the acquisition of a liquid power terminal in East Windfall, Rhode Island from ExxonMobil Oil Company.
The East Windfall terminal, that includes 10 product tanks with 959,730-barrel shell capability, serves as a strategic storage facility for varied merchandise, together with gasoline, components, distillates, and ethanol, International Companions stated in a information launch. The monetary particulars weren’t disclosed.
The terminal features a six-bay truck rack servicing the Rhode Island, Northern Connecticut, and Southern Massachusetts markets, in addition to a big dock with capabilities to accommodate long-range vessels.
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The addition of gasoline infrastructure by way of the transaction will allow International to optimize its giant, lively advertising and marketing and retail presence within the space, the corporate famous.
Along with the terminal, International will purchase surplus vacant actual property parcels offering long-term alternatives for different makes use of as market dynamics evolve.
“The acquisition of the East Windfall terminal aligns completely with our strategic objectives,” International Companions President and CEO Eric Slifka stated. “The extra operational capabilities and provide optionality, together with the potential for actual property improvement, additional ship our dedication to strategic development by diversifying our portfolio and capitalizing on property that leverage our built-in community”.
The newest acquisition continues the partnership’s streak of shopping for liquid power terminals. In April, International Companions accomplished its $212.3 million acquisition of 4 liquid power terminals from Gulf Oil Restricted Partnership.
The terminals are strategically positioned in Chelsea, Massachusetts; New Haven, Connecticut; and Linden and Woodbury, New Jersey. The property “will additional improve International’s place within the power economic system of the Northeast,” the partnership stated in an earlier information launch.
With a mixed shell capability of roughly 3.0 million barrels, the terminals develop International’s means to retailer and distribute gasoline, distillates, and ethanol, it stated. The partnership famous that the acquisition aligns with its technique to amass and spend money on property that enable it to “leverage scale from its built-in community in excessive demand markets”.
International stated the Linden and Woodbury terminals open new markets, whereas the New Haven terminal provides gasoline capabilities to its terminal portfolio in Connecticut. In the meantime, the Chelsea terminal permits it to proceed to serve the Boston market because it replaces the capabilities of its Revere terminal, which it divested for $150 million in 2022.
In December 2023, the partnership closed its acquisition of 25 liquid power terminals from Motiva Enterprises LLC. The transaction is underpinned by a 25-year take-or-pay throughput settlement with Motiva, the anchor tenant on the terminals, that features minimal annual income commitments, based on an earlier information launch.
International Companions describes itself as an industry-leading built-in proprietor, provider, and operator of liquid power terminals, fueling areas, and guest-focused retail experiences. It operates or maintains devoted storage at 54 liquid power terminals—with connectivity to strategic rail, pipeline, and marine property— spanning from Maine to Florida and into the U.S. Gulf States. By way of its intensive community, the corporate distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and industrial clients.
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