HOUSTON--(BUSINESS WIRE)--Tivoli Midstream LLC (“Tivoli”), today announced the closing of an acquisition of strategic terminal and infrastructure assets located in the Gulf Coast of Texas in Brazoria County (the “Chocolate Bayou Assets”) from affiliates of Ascend Performance Materials, LLC (“Ascend”).
The Chocolate Bayou Assets consist of approximately 3.0 million barrels of storage capacity, open land available for development and an extensive footprint of logistics assets. With over 100 storage tanks, the Chocolate Bayou Assets can handle a wide variety of renewables, refined products, specialty chemicals, LPGs and other products. Strategically located on the Chocolate Bayou, the Chocolate Bayou Assets have exceptional multi-modal connectivity through Union Pacific direct served rail, truck and barge access, in addition to a significant pipeline system between Freeport, Texas and Texas City, Texas.
The Chocolate Bayou Assets are anchored by a long-term partnership with Ascend, with ~2.5 million barrels of storage capacity available for third-party customers.
Tivoli is led by industry veterans with over 70 years of combined experience leading midstream and infrastructure organizations globally, including considerable experience in the Gulf Coast. Tivoli is backed by funds managed by Intrepid Investment Management, LLC, the investing arm of Intrepid Financial Partners, L.L.C. (“Intrepid”).
“With our acquisition of the Chocolate Bayou Assets, we are excited to create a leading Gulf Coast infrastructure hub,” said Rance Fromme, President of Tivoli. “We have significant history operating in the Gulf Coast and have long been impressed by the quality, scale, and diversity of the Chocolate Bayou Assets. We look forward to welcoming and providing customized solutions for our customers at our new facility.”
“We are excited to add the Chocolate Bayou Assets to our portfolio,” said Mike France, Head of Investment Management at Intrepid. “These are unique assets in a key demand market managed by a world class management team. With their extensive footprint and exceptional connectivity, under the leadership of the Tivoli Team, we believe the Chocolate Bayou Assets will be a world-class, third-party infrastructure facility.”
About Tivoli
Tivoli is a growth-oriented midstream, logistics and services company, dedicated to making the world and environment better every day. Focused on providing effective solutions to the oil, gas, and petrochemical industries, Tivoli’s primary objective is to be a trusted partner to its customers, exceeding expectations in safety, service and reliability. Tivoli has over 70 years of experience, providing service to over 20 distinct industries and handling over 200 different products.
Tivoli is headquartered in Houston. Further information is available at www.tivolimidstream.com
About Intrepid
Intrepid is the leading energy-focused merchant bank that provides investment banking and investing management services. Intrepid’s leading boutique investment banking business provides independent and best-in-class merger & acquisition, restructuring and capital markets services to the traditional energy and energy transition sectors, and has advised on ~$200 billion of transactions since its founding in 2015. Intrepid’s investment management business makes principal debt and equity investments through its managed funds. Current strategies include private equity, credit, infrastructure and venture capital across traditional energy and energy transition.
Intrepid has offices in Houston and New York. Further information is available at www.intrepidfp.com.
