OKC’s Blueknight Energy Partners goes private with new owner

Drop in Blueknight earnings stems from first-quarter charges | The Journal Record

 

Wednesday was an eventful day for Blueknight Energy Partners, L.P. in Oklahoma City.

The company was officially and formally merged with Mississippi-based Ergon Asphalt & Emulsions Inc. and went from a publicly-traded company to a private firm totally owned by Ergon.

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Ergon announced the transaction was completed Wednesday after Ergon purchased the General Partner interest and nearly 26% of the limited partner units of BKEP in 2016. Wednesday’s move meant Ergon had acquired all of the outstanding common and preferred units of Blueknight Energy Partners.

“The acquisition of the largest independent asphalt terminaling network in the country further strengthens Ergon’s long-standing position as the industry’s resource leader. The Blueknight assets remain a key component of our overall strategy and growth plan,” commented Baxter Burns, President of Ergon.

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BKEP facilities will continue with business as usual under the new structure.

“We are excited to welcome Blueknight operations personnel into the Ergon family and look forward to continuing our quest to provide customers with the highest quality products and services,” Burns added.

Ergon Asphalt & Emulsions Inc., the largest asphalt emulsions marketer in North America, has facilities from coast to coast in the U.S. and Mexico. Ergon is a group of privately held companies that operate under six primary business segments: Refining & Marketing, Specialty Chemicals, Asphalt & Emulsions, Oil & Gas, Midstream & Logistics, and Construction & Real Estate.

Source: press release

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