PBF Logistics closes deal for CPI’s East Coast storage assets

By Emily Bader
Parsippany | Oct 2, 2018 at 11:18 am

Parsippany-based PBF Logistics L.P. has completed its previously announced acquisition of CPI Operations LLC for $107 million, it announced Monday.

The acquisition includes a storage facility and other assets located on the Delaware River and near Paulsboro. The Paulsboro assets are expected to provide synergy opportunities with PBF Energy, PBF said.

The total payment of $107 million includes an initial payment at closing of $75 million, plus working capital, with the remaining balance to be paid one year later.

“The ongoing execution of our strategic plan continues to deliver meaningful accretive growth for the partnership (PBF). The acquisition of the East Coast Storage Assets also strategically positions the partnership for the upcoming International Maritime Organization’s low-sulfur fuel specification change in 2020 by adding significant marine-accessible storage assets to our portfolio. The marine facilities are capable of handling a range of material from finished petroleum products and residual fuel oils to heavy, high-sulfur refinery feedstocks and increase synergy opportunities with our sponsor, PBF Energy,” Matt Lucey, PBF Logistics executive vice president, said.

“We welcome the Crown Point employees to the PBF Logistics’ family and look forward to driving further accretive growth for the partnership.”

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Emily Bader | ebader@roi-nj.com | emilybader