Vitol and SGLP Announce Close of SGLP Transaction, Reorganization of its Board and Management Team and change of SGLP name to Blueknight Energy Partners, L.P
Vitol, Inc., part of the Vitol Group of companies (“Vitol”) and SemGroup Energy Partners, L.P. (“SGLP”) today announced that Vitol has completed its acquisition (the “Vitol Change of Control”) of the membership interests of SemGroup Energy Partners G.P., L.L.C., SGLP’s general partner, and SGLP’s subordinated units from Manchester Securities Corp., an affiliate of Elliott Management Corporation.
In connection with the Vitol Change of Control, the board of directors of SGLP’s general partner (the “Board”) and the management team of SGLP’s general partner were reorganized. Further, SemGroup, L.P., SGLP’s former parent, no longer has any ownership interest in SGLP’s general partner, and, as previously announced, SGLP will change its name to Blueknight Energy Partners, L.P. effective December 1, 2009.
Mike Loya, Vitol, Inc.’s President, stated, “We are pleased to have completed our acquisition of SGLP’s general partner. This acquisition is the culmination of the efforts of many individuals, both from Vitol and SGLP, and we are grateful for these contributions. We look forward to new opportunities with SGLP.”
For further information:
Qorvis, Washington DC:Don Goldberg +1 202-496-1000
Finsbury, London:Andrew Mitchell +44 207 251 3801
SGLP Investor Relations Contact: