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Sprague to acquire Mass. refined-products assets for $20M

The Sprague Resources LP subsidiary Sprague Operating Resources agreed to acquire two pipeline-supplied distillate terminals and one distillate storage facility from L.E. Belcher Inc., along with the company's affiliated wholesale and commercial fuels businesses, for approximately $20 million.

The refined-products terminal assets have a total capacity of 295,000 barrels, according to a Jan. 24 news release. The transaction is expected to bring in about $3 million to $4 million of adjusted EBITDA annually and increase distributable cash flow. Sprague will have the largest distillate tankage position in the Springfield, Mass., area upon the success of the transaction, supplying heating oil, diesel fuel and kerosene to previously untapped regions as a result.

The cash transaction, to be funded under Sprague's senior secured credit facility, is expected to close within 30 days.