Petroleum logistics company JP Energy Development LP is set to buy Highway Pipeline Inc., a transportation provider of natural gas liquids for an undisclosed price.
Highway Pipeline provides freight shipping and truck hauling services. The Cibolo, Texas company agreed to sell substantially all of its assets, including some 50 tank trucks that primarily serve energy clients that operate within the Eagle Ford Shale and Permian Basin.
JP, based in Irving, Texas, facilitated the deal through subsidiary JP Liquids LLC. The buyer is owned by ArcLight Capital Partners LLC, a Boston private equity firm.
The deal comes on the heels of another JP deal. On Sept. 19, JP bought Wildcat Permian Services LLC, which operates an oil pipeline system in Texas, in yet another attempt to expand its reach in the Permian Basin, and diversify its transportation and storage assets.