Genesis Energy Acquires FMT Business
Genesis Energy, L.P. has completed the previously announced acquisition of the black oil barge transportation business of Florida Marine Transporters, Inc. and its affiliates (FMT). The purchase price was $141 million plus customary adjustments. The acquired business is comprised of 30 barges (seven of which are being sub-leased under similar terms of an existing FMT lease) and 14 push/tow boats which transport heavy refined petroleum products, primarily serving refineries and storage terminals along the Gulf Coast, Intracoastal Canal and western river systems of the United States, including the Red, Ouachita and Mississippi Rivers.
Grant Sims, Genesis’ Chief Executive Officer, said, “The acquisition of these high quality vessels represents a significant step forward in the development of our marine transportation of crude oil and heavy refined petroleum products. The integration of organic projects with focused external acquisitions is designed to expand our customer base and capabilities, creating long-term value for all our stakeholders.”