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Colonial agrees to purchase three biofuels terminals

An agreement has been reached
An agreement has been reached
Colonial Terminals Operating Company – a subsidiary of Colonial Enterprises and an affiliate of Colonial Pipeline Company – has agreed to purchase three refined product terminals from Lincoln Terminal Company.
Two of the terminals from the South East products and biofuels marketing and logistics company located in Charlotte, North Carolina, and Chattanooga, Tennessee, are presently connected to the Colonial Pipeline Company system, and the other is located in Fredericksburg, Virginia.
This acquisition provides an opportunity for Colonial to move into the terminal business, offering a complimentary service to the markets, including Colonial Pipeline Company’s customers, and lays the groundwork for further strategic expansion.
Terminals are a natural extension of Colonial’s overall business, providing the opportunity to serve customers in new ways while building and strengthening relationships.
Over the next few months, Colonial Terminals Operating Company and Lincoln will work toward finalising and closing the acquisition, which is expected to be completed in about 90 days.
An agreement has been reached