Natural Resource Partners LP (NYSE: NRP) is buying VantaCore Partners LP for $205 million.
VantaCore, headquartered in Philadelphia, operates three hard rock quarries, six sand and gravel plants, two asphalt plants and marine terminal. The company is currently owned by a group of investors, including Trilantic Capital Partners as majority owner, Kayne Anderson Energy Development Co., Hartz Alternative Investments LLC, Corridor Private Holdings Inc. and members of VantaCore's management team.
Houston-based Natural Resource owns and manages mineral reserve properties. The company owns interests in coal, aggregates and industrial minerals and oil and gas properties in the U.S.
The buyer plans to issue $36 million of the purchase price in stock to the sellers, and to fund the remainder in cash and borrowings under its credit facility.
VantaCore will operate as a wholly-owned subsidiary of Natural Resource. The buyer says the deal will diversify its offerings.
Trilantic is a New York-based private equity firm. According to Mergers & Acquisitions Latest PE Fundraising Efforts list, the firm is in the process of raising a fund. The firm's investments include Addison Group, Clarion Events Ltd. and Templar Energy LLC.
Vinson & Elkins advised Natural Resource on the deal.