Savage Acquires Texon - Strengthens its Position in the Midstream Energy Space
May 01 2024 - 11:20AM
Savage, a global provider of supply chain infrastructure and
solutions, has acquired
Texon, a Houston, Texas-based
midstream service provider of butane blending and energy marketing.
The addition of Texon and its team, which will continue to operate
under its legacy brand, significantly bolsters Savage’s existing
energy business.
“With the acquisition of Texon we’re adding an excellent team
with deep expertise and an outstanding reputation in the energy
space. We see tons of opportunities to drive value for our
Customers through our combined teams, assets and services,” said
Kirk Aubry, President and CEO of Savage. “We’re excited to welcome
the Texon team to Savage and continue to connect end-to-end supply
chains.”
Founded in 1989, Texon has been a pioneer of blending butane
into finished gasoline and holds patent rights around the world.
Texon’s proprietary blending systems are customized to test
gasoline and optimally blend butane and other natural gas liquids
to meet finished product quality, safety and regulatory
requirements. Its systems are designed for use in pipelines,
depots/terminals, marine docks, and truck loading racks. Texon does
business across the continental U.S. and has begun introducing
butane blending expertise into the international marketplace.
“When we decided to pursue a sale, we set an important goal that
we’d only consider potential buyers who would invest in the
business and provide opportunities for our team to grow and
thrive,” said Terry Looper, Texon’s Founder and retiring CEO. “We
believe Savage is committed to growing Texon’s business in the
right way, with excellent leadership, strategy and resources that
will ensure a bright future for our Team Members and Customers.”
Evercore served as financial advisor to Texon on the
transaction.
Savage’s Infrastructure business supports the energy industry by
providing multi-modal transportation and logistics solutions and
assets for electricity generation, oil and gas production and
refining, and liquid renewable fuels refining. The company operates
over 50 rail-connected transload terminals across North America
through its robust Savage Transload Network, and is playing a key
role in building the supply chain infrastructure required for
current and future liquid fuels.
About SavageEstablished in 1946, Savage is a privately
held, global provider of supply chain infrastructure and solutions,
with more than 4,000 Team Members in about 200 locations across the
United States, Canada, Mexico and Saudi Arabia. We strive to always
Do the Right Thing, Find a Better Way and Make a Difference. Our
Customers and Partners count on us to safely and sustainably move
and manage what is essential to their business so they can Feed the
World, Power Our Lives, and Sustain the
Planet. www.savageco.com
Jeff Hymas
Savage
801-944-6584
jeffhymas@savageco.com