Savage Acquires Texon – Strengthens its Position in the Midstream Energy Space
Savage and Texon logos
SALT LAKE CITY, May 01, 2024 (GLOBE NEWSWIRE) — 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 Savage
Established 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
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CONTACT: Jeff Hymas Savage 801-944-6584 jeffhymas@savageco.com
