Marathon buyers sign 'definitive agreements'Sale to close by end of year
The Marathon Petroleum Co. Refinery in St. Paul Park is on track to have a new owner by the year’s end, after two investment companies announced Wednesday they had signed definitive agreements to purchase the 74,000-barrel-per-day refinery, SuperMom’s bakery and 166 SuperAmerica stores, according to a Marathon press release.
Northern Tier Energy — a new company being formed to operate the businesses by buyers ACON Investments and TPG Capital — will take over, contingent on meeting conditions of financing arrangements and customary closing conditions, the release says.
The sale is valued at $900 million, the release says.
“We are grateful to the community of St. Paul Park for the support that they have given us for many years and know that the positive and productive relationships that have been developed over time will continue to help ensure the ongoing success of these operations," said Gary R. Heminger, executive vice president of Marathon Oil Corporation and president of Marathon Petroleum Co.
ACON Investments is a Washington D.C.-based private equity firm that has been a longtime energy investor, the release says. TPG Capital is a private investment firm with offices worldwide and more than $47 billion of assets, according to the release.