Benzinga | Dec 28, 2021 04:02PM EST

Martin Resource Management Corporation Announces Transaction With Senterfitt Holdings; Senterfitt Will Acquire 49% Voting Interest In MMGP Holdings

Martin Resource Management Corporation ("MRMC"), announced today that Martin Resource LLC ("MRLLC"), a wholly owned subsidiary of MRMC, exercised its call right options with Senterfitt Holdings Inc. ("Senterfitt") to acquire a 49% voting interest (50% economic interest) in MMGP Holdings LLC ("Holdings"). Holdings is the sole owner of Martin Midstream GP LLC (the "General Partner"), the general partner of Martin Midstream Partners L.P. (NASDAQ:MMLP) ("MMLP"). Upon closing MRMC indirectly holds 100% of the membership interests in Holdings and the General Partner. The transaction was effective December 22, 2021.

In addition to its interest in Holdings, MRMC, through various wholly-owned subsidiaries, is one of the largest unit holders of MMLP owning approximately 6.1 million common limited partnership units of MMLP.

About Martin Resource Management Corporation

MRMC through its various subsidiaries is an independent provider of marketing and distribution services for fuel oil, asphalt, diesel fuel and high-quality naphthenic lubricants. The privately-held company is based in Kilgore, Texas and was founded in 1951 by R.S. and Margaret Martin. MRMC indirectly holds 100% of the membership interests in Holdings, the sole member of the General Partner of MMLP.