ArcLight Capital Partners’ newly-formed portfolio company, Penn Products Terminals has acquired Pyramid for an undisclosed amount.
Formerly called Petroleum Products Corporation, Pyramid (f/k/a PPC) is a petroleum pipeline terminals and logistics business.
Headquartered in Middletown, Pennsylvania, US, the company owns and operates a network of 12 high-quality refined products storage terminal facilities in Pennsylvania totalling approximately nine million barrels of storage capacity.
ArcLight managing partner and co-founder Dan Revers said: "We have a long track record of investing in refined products storage and pipeline infrastructure and the acquisition of Pyramid (f/k/a PPC) is the culmination of that experience combined with a concerted effort by ArcLight over the last several years to invest in premiere infrastructure along the last mile of the value chain.
"Pyramid (f/k/a PPC) is led by a highly experienced management team and will serve as a solid platform for follow-on investments in refined product storage and wholesale distribution."
Pyramid (f/k/a PPC) stores gasoline, diesel fuel, heating oil, heating oil kerosene, ethanol and biodiesel and distributes the products to customers in Pennsylvania and six surrounding states.
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By GlobalDataThe terminals are pipeline, barge and rail-connected and supplied from a geographically diverse set of refined product sources including New York, Philadelphia, the Midwest and the Gulf Coast, US.