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MOBILE AL PASCAGOULA MS ORANGE TX
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Founded in 1993, Lowland International NV is an international
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Targa Resources Partners LP (the Part-nership), through its wholly ownedsubsidiary, Coast Energy Group LLC, hasacquired Flex Tank Systems, a refined pe-troleum products and crude oil storageand terminaling facility in Channelview,Texas. Located on Carpenters Bayou alongthe Houston Ship Channel, Flex Tank canhandle multiple grades of blend stocks,
products and crude. The transaction waspaid entirely with cash funded through bor-rowings under Targas senior secured re-volving credit facility. Total value of thetransaction is below the Hart-Scott-RodinoAct minimum.
This transaction will be immediately ac-
cretive to the Partnerships unit holders andis complementary to our existing terminal as-
set base and business along the Gulf Coast.This acquisition enables us to apply our cur-rent terminaling expertise to an expanded
product slate on a long-term fee basis andenhances the Partnerships cash flow mix andgeographical footprint. We expect to investincremental growth capital in the near futureto expand the capacity of the terminal sup-
ported by new long-term contracts. This is thefirst acquisition for our recently added prod-ucts and crude storage and terminaling teamwho has been charged with growing this asset
base. They are actively negotiating other re-fined products and crude storage and termi-naling acquisition opportunities that could be
consummated this year. If we were to acquirethese properties, they would also generatefee-based income and potentially provide or-ganic growth opportunities, said Rene Joyce,CEO of the Partnerships general partner andof Targa Resources Corp.
Built in 1981, Flex Tank Systems has ap- proximately 544,000 barrels of storage ca- pacity and contains blending and heatingcapabilities, tanker truck and barge loadingand unloading infrastructure. Currently, thecapacity is 100-percent leased to customersthat include a multinational oil company andregional refineries. Also on site, there is a six
spot truck rack and one barge dock (for load-ing/unloading). The terminal is serviced bytruck and rail and by intercoastal barges thatdeliver and receive petroleum products.
IVS Investment Banking was the exclusiveadviser to Flex Tank Systems.
I had already known [IVS InvestmentBankings President] Thomas Brinsko forseveral years when his company was referredto me by another client of theirs, so I had a
good comfort level engaging them to helpsell Flex Tank, said Hank Thomas, presi-dent of Flex Tank Systems. IVS InvestmentBankings process included preparing finan-cial models and confidentially contacting asignificant number of strategic and financial
buyers. I felt completely informed and inthe loop during the entire process. We endedup receiving numerous expressions of inter-est. Were very pleased with the final results.
Through this difficult economic environ-ment, IVS Investment Banking successfullymarketed Flex Tank to potential buyers, saidBrinsko. We received interest from morethan a half dozen companies, which allowed
us to get the top end of market value.For more information on Targa
Resources, visit www.targaresources.comor call (713) 584-1133.
For more information on Flex TankSystems, visit www.flexservices.com or call(281) 862-2900.
If you are interested in selling, in-vesting in or buying companies in theenergy, industrial, and/or maritimesectors, please contact Thomas Brin-sko at IVS Investment Banking at(281) 538-9996, e-mail [email protected] or visit www.bicalliance.com.
Targa Resources Partners LPacquires Flex Tank Systems
IVS Investment Bankings John Zapalac, right,congratulates representatives of Flex Tank andCoast Energy Group. Pictured are, from left,Rex Bryan of Flex Tank, Frank Bay of CoastEnergy Group, Hank Thomas and Rick Riassettoof Flex Tank, Vincent Di Cosimo of Coast EnergyGroup and Clay Riassetto of Flex Tank.
Houston, TX
Dallas, TX
has acquired the assets of
Barcelona, Spain
has formed a strategic alliance andmade an investment with
New Orleans, LA
La Porte, TX
H IRI C R P R A E
Buffalo, MO
has acquired
has acquired through their subsidiary
Coast Energy Group LLC
100% of the assets of
Houston, TX
Channelview, TX
Houston, TX
Dallas, TX
has completed arecapitalization with
Contact IVS.
Delivering Premium Value for Business Owners
Management-led buyouts | Buying or selling a company | Leveraged recapitalization | Raising capital to grow
IVS Investment Banking serves as exclusive adviser to Flex Tank
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