There’s a new master limited partnership in town, and it’s not an E&P company or a midstream entity. It’s Hi-Crush Partners LP (NYSE: HCLP), which owns and operates a plant that excavates and processes high-quality Northern White sand used in hydraulic fracturing. Its facility in Wyeville, Wisc., has annual capacity of 1.6 million tons per year and more than 48 million tons of proved reserves, for a reserve life of more than 30 years.

It went public Aug. 16, raising $179.5 million in net proceeds by selling 11.3 million units ...