NGL Energy Partners has acquired Magnum NGLs from Magnum Development, a portfolio company of Haddington Ventures, and other Haddington-sponsored investment entities, for $280m.

Magnum owns and operates a natural gas liquids storage facility, located southwest of Salt Lake City, Utah, US, with multiple existing salt caverns and a potential capacity of greater than 10 million barrels.

NGL senior vice president Jay Furman said: "We are excited to welcome the entire Magnum operations and commercial teams to the NGL organization, and we plan to continue expanding the storage capacity, enhancing aboveground services, and adding customers to make this the premier natural gas liquids storage facility in the Western United States."

NGL owns and operates a vertically integrated energy business with five primary businesses including water solutions, crude oil logistics, NGL logistics, refined products/renewables and retail propane.