Parsippany-based PBF Logistics L.P. announced Monday it is growing the company through a variety of acquisitions.
PBF said it recently acquired the third-party Cummins Terminal, located in Knoxville, Tennessee. Additionally, it reached an agreement to acquire several development assets from subsidiaries of PBF Energy Inc., which are expected to close in the second quarter.
“These acquisitions and projects represent the first step toward executing the multiyear growth plan announced earlier this year. This is a unique blend of opportunities as PBF Logistics has executed on all three of its avenues for growth – third party acquisitions, organic projects and drop-downs,” said Matt Lucey, PBFX executive vice president.
“By leveraging our relationship with our sponsor, the partnership (PBF Logistics) is capitalizing on opportunities at four of PBF Energy’s five refineries and has expanded the Partnership’s geographic presence. In a challenging environment, PBF Logistics has successfully grown the partnership at an attractive multiple utilizing our balance sheet and with the support of our sponsor. We are excited about the transactions and look forward to welcoming all of the assets, especially the Cummins Terminal employees and customers, to the PBF Logistics family.”
The terminal is comprised of two truck loading facilities, nine loading bays and approximately 520,000 barrels of tankage.