A more than $32 million deal’s been announced by Oklahoma City-based Blueknight Energy Partners L.P. in the acquisition of two asphalt terminalling operations in Georgia and Oklahoma.
The company said the $32.5 million purchase includes a facility in Bainbridge, Georgia owned by Ergon Asphalt and Emulsions, Inc. A plant in Muskogee owned by Frontier Terminal LLC and Cummins Investment Corporation is also being purchased.
The Bainbridge purchase will include $10.5 million in Blueknight Energy community units issued to a subsidiary of Ergon and $22 million in cash.
Both purchases are expected to wrap up in the fourth quarter. Once they are completed, the result will bring Blueknight’s network ownership to 56 asphalt terminals in 26 states with a combined capacity of 10.3 million barrels of asphalt and residual fuel oil storage.
The Muskogee terminal includes 500,000 barrels of storage and 245 acres of property. The facility in Georgia includes 200,000 barrels of storage.