Sprague Resources LP, an LP engaged in the purchase, storage, distribution and sale of refined petroleum products, filed on Wednesday with the SEC to raise up to $165 million in an initial public offering. The predecessor of this newly formed limited partnership, Sprague Energy, has operated in the US for over 50 years. Sprague Resources enjoys the distinction of being one of the largest independent wholesale distributors of refined products in the Northeast US based on aggregate terminal capacity, with a storage capacity of 7.9 million barrels across a network of 15 terminals. The Portsmouth, NH-based company, which booked $3.2 billion in sales for the 12 months ended March 31, 2011, plans to list on the NYSE under the symbol SRLP. Barclays Capital and J.P. Morgan are the lead underwriters on the deal. No pricing terms were disclosed.
