Acon and TPG formed Northern Tier Energy to operate the assets as a stand-alone company.
Included in the transaction is the 74,000 barrel per day St Paul Park refinery and associated terminals, 166 SuperAmerica convenience stores (including six stores in Wisconsin), SuperMom’s bakery and commissary, SuperAmerica Franchising, interests in pipeline assets in Minnesota and associated inventories.
The total sales value is approximately $935m including Northern Tier preferred stock with a stated value of $80m.
Approximately $330m of the total sales value is for the inventories associated with these operations.
The transaction also contains earnout and margin support components where Marathon can receive up to an additional $125m over eight years or may be required to provide up to $60m of margin support to the buyers, subject to certain conditions.
Any margin support paid will increase the total earnout amount that may be received by Marathon.
