M&A · Energy · Wholesale-Petroleum Bulk Stations & Terminals
Ruben S. Martin III to acquire Martin Midstream Partners L.P.
Announced Oct 3, 2024 · Terminated Dec 26, 2024
Deal value$157MEV $596M
Premium34.0%To unaffected price
EV / Adj. EBITDA5.0x0.8x EV / Revenue
ConsiderationAll cash$4.02 per share
Transaction
- Acquirer
- Ruben S. Martin III
- Target
- Martin Midstream Partners L.P. (MMLP)
- Buyer type
- Strategic
- Offer price per share
- $4.02
- Enterprise value
- $596M
- Status
- Terminated Dec 26, 2024
Deal protections
- Break fee (target pays)
- $2.5M · 1.6%
- Reverse fee (buyer pays)
- $6.0M · 3.8%
- Go-shop
- —
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Not disclosed
- To the target
- Houlihan Lokey, Wells Fargo
Sector context · Energy
- Comparable deals
- 38 in the prior 24 months
- Premium
- 34.0% vs. 16.1% sector median
- EV / Adj. EBITDA
- 5.0x vs. 6.3x sector median
- Break fee
- 1.6% vs. 2.9% sector median
Timeline
- AnnouncedOct 3, 2024
- Proxy filedOct 25, 2024
- Definitive proxyNov 27, 2024
- Shareholder vote—
- TerminatedDec 26, 2024