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Acquisition will support continued global growth of energy services company
London, UK, 15 October 2018 – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners. The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.
Equity for this investment will come from Carlyle International Energy Partners (CIEP), a $2.5 billion fund that invests in the global oil and gas sector outside North America. The Fund’s mandate includes exploration & production, mid-stream, downstream and oil field services. Credit Suisse, Lloyds and DNB have underwritten the all-senior rated loan financing the acquisition.
EnerMech provides a range of mechanical, electrical and instrumentation services to the global energy and infrastructure industries. With operations in Australia, the Americas, Europe, Middle East, Caspian, Africa and Asia, the business provides innovative integrated solutions that maximise efficiencies across multiple phases of the asset lifecycle from pre-commissioning, commissioning, maintenance and operations support, through to late life support.
Doug Duguid, CEO of EnerMech, said: “This transaction marks the beginning of a new chapter for EnerMech as we continue to develop our business, grow our global footprint and enter new markets. We are excited to be partnering with CIEP, whose expertise and track record in the energy space will provide valuable support for our strategy and next phase of growth.”
Marcel van Poecke, Head of Carlyle International Energy Partners, said: “EnerMech is an attractive, well-positioned international integrated energy, infrastructure and industrial services company, led by a strong team. The company has multiple avenues for growth. We believe potential synergies across CIEP’s portfolio companies as well as the broader Carlyle family are attractive. We look forward to working with the team and supporting EnerMech’s continued growth.”
John Reynolds, Co-Founder and Managing Director of Lime Rock Partners, said: “We have greatly valued our partnership with Doug Duguid, Michael Buchan and the entire EnerMech team as we supported the business’s growth and transformation since inception. We are confident that the company will continue to thrive under Carlyle’s ownership.”
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For More Information
EnerMech Ltd
Stephen Rafferty
+44(0)7980 598764
stephen@surepr.co.uk
The Carlyle Group
Katarina Sallerfors
Tel: +44 (0) 207 894 3554
Email: katarina.sallerfors@carlyle.com
About EnerMech
Formed in April 2008, EnerMech provides a broad range of asset support services to the international energy and infrastructure sectors, from pre-commissioning through operations and maintenance and late-life support/decommissioning. The business is focused on offering a safer, more customer-focused, responsive service at lower cost, while delivering a much greater level of engineering and technical support than competitors can offer.
With a 3,500-strong workforce, EnerMech specialises in providing integrated supply, operations, maintenance and engineering solutions in its core services of Cranes and Lifting, Electrical and Instrumentation, Equipment Rental, Hydraulic products and services, Industrial Services, Process, Pipeline and Umbilicals (PPU), Maintenance and Integrity Services, Training and Valve supply and services.
The group is headquartered in Aberdeen with bases in Great Yarmouth, Bristol (UK); Stavanger, Bergen, (Norway); Houston, Broussard, Pasadena, Sulphur, Casper, Williston (USA), Trinidad, Mexico, Abu Dhabi, Iraq, Qatar, Saudi Arabia, Azerbaijan, Kazakhstan, Georgia, Singapore; Perth, Melbourne, Sydney, Brisbane, Darwin, Gladstone, Chinchilla (Australia); Malaysia, China, South Korea, India, Ghana, Nigeria, Angola and South Africa.
Website: www.enermech.com
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $210 billion of assets under management across 335 investment vehicles as of June 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents
Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary
About Carlyle’s Energy Platform
Carlyle has constructed a broad-based global energy, natural resources and infrastructure platform (currently with $25 billion in assets under management and 107 active portfolio companies), consisting of International Energy, North American Energy, North American Power and Global Infrastructure.
About Carlyle International Energy Partners (CIEP)
Established in May 2013, the Carlyle International Energy Partners team focuses on oil and gas exploration and production mid- & downstream, refining and marketing and oil field services in Europe, Africa, Latin America and Asia.
The team, based in London, consists of 13 investment professionals, all with extensive international oil and gas industry investment and operational expertise. In addition to Marcel van Poecke, it includes Managing Directors Bob Maguire and Joost Dröge, both industry veterans with 55 years’ combined successful energy investing experience, as well as Paddy Spink, Senior Advisor, with 35 years’ upstream experience in Africa, Latin America & Europe. Since its inception the fund has completed nine investments.
For more information: https://www.carlyle.com/our-business/real-assets/carlyle-international-energy-partners.
About Lime Rock Partners
Since its inception in 1998, Lime Rock Management has raised $8.6 billion in private equity funds and affiliated co-investment vehicles for investment in the energy industry through Lime Rock Partners, investors of growth capital in E&P and oilfield services companies in the U.S. shales and elsewhere, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. For more information, please visit: www.lrpartners.com.
Acquisition of Hackberry Wind Farm more than triples Skyline‘s holdings Partnership between Ardian Infrastructure and Transatlantic Power Holdings continues to develop growing portfolio of US renewable energy assets
Portland, September 27, 2018: Skyline Renewables has agreed to acquire its second power generation asset, the 166 MW Hackberry Wind Farm in NW Texas, from Renewable Energy Systems Americas (RES).
The Hackberry Wind Farm in Shackelford County, Texas was established in 2008. It has 72 wind turbines and a PPA with the City of Austin. The Skyline Renewables acquisition entails a clean-up of the existing capital structure of the project, including the buyout of tax equity interests from GE Energy Financial Services and cash equity interests from RES as well a restructuring of the project debt facility. RES will continue to provide operations support for Hackberry during the transition of ownership.
“We have a clear goal – to become a leading North American clean independent energy platform,” said Skylines Renewables President & CEO, Martin Mugica. “To that end, RES has developed and managed Hackberry Wind Farm into a very attractive asset. This acquisition not only establishes Skyline with a robust foothold in the leading renewable energy state of Texas, it also provides us with additional resources for strategic growth in the near future.”
Skyline Renewables announced its first acquisition in March 2018, the 60 MW Whirlwind project, also in NW Texas. Skyline Renewables was created earlier this year as a partnership between Ardian and Transatlantic Power Holdings. Skyline Renewables will focus on acquiring operating and development projects in the onshore wind sector.
“As the industry transitions to the end of the PTC and new corporate tax reforms take effect, Skyline Renewables will continue its strategy to leverage opportunities in today’s renewable energy landscape in order to build a leading platform,” continued Mr. Mugica. “Skyline Renewables looks forward to capitalizing on more exciting opportunities in the near term.”
Partners Group, the global private markets investment manager, has agreed on behalf of its clients to invest over AUD 200 million in equity to acquire and construct the first stage of Murra Warra Wind Farm (Murra Warra I) in Australia. The 226MW wind farm is being acquired from Renewable Energy Systems (RES) and Macquarie Capital, which jointly developed the project.
Partners Group is leading the delivery of Murra Warra I, which will comprise 61 Senvion 3.7MW turbines with a total nameplate capacity of 226MW, located approximately 30 kilometers north of Horsham in the state of Victoria. RES will work alongside Partners Group to provide certain ongoing services to support the project.
Construction of Murra Warra I commenced in March 2018 and is expected to be completed in mid-2019. The project has already entered into long-term power purchase agreements for a substantial portion of its generation output with investment grade commercial and industrial customers, including Telstra, Australia’s largest telecommunications company, Coca-Cola Amatil, Australia and New Zealand Banking Group (ANZ), the University of Melbourne and Monash University.
Once completed, Murra Warra I will generate enough clean energy to power 220,000 Australian households and offset over 900,000 tonnes of carbon emissions every year. The wind farm is also expected to support around 150 jobs in regional Victoria during construction, stimulating further investment in local businesses and services.
Benjamin Haan, Partner, Co-Head Private Infrastructure Asia-Pacific, Partners Group, states: “We continue to believe the Australian renewable energy sector is benefiting from a transformative trend, with a significant amount of coal-fired generation retirements expected in the coming decade. Investing into a project such as Murra Warra I, where we can enter during the construction phase and successfully deliver the project through to its operation phase, is consistent with our ‘building core’ strategy in infrastructure and is Partners Group’s fourth major wind farm investment in Australia since 2015. The project brings additional scale and diversification to our portfolio and is one of the highest-quality wind resource sites in Australia’s National Electricity Market.”
The Murra Warra I investment follows Partners Group’s recent AUD 700 million commitment to develop Grassroots Renewable Energy Platform (“Grassroots”), a large-scale platform that aims to construct over 1.3GW of new wind power, solar power and battery storage assets across Australia within the next four years. Once operational, Grassroots is expected to become a category leader in the Australian power market as one of the country’s largest independent power producers in the renewables sector. Also in the Australian renewable energy sector, in June 2015, Partners Group invested into the development of the 240MW Ararat Wind Farm, which started supplying clean energy to the Australian national grid in mid-2017.
Andrew Kwok, Senior Vice President, Co-Head Private Infrastructure Asia-Pacific, Partners Group, comments: “Murra Warra I and Grassroots add to our substantial portfolio of renewable energy assets across the Asia-Pacific region. Since 2014, we have delivered over 900MW of renewable energy generation capacity in the region, with another 490MW currently under construction. In order to ensure such large-scale projects are completed on time and within budget, experience has taught us that it is important to focus on procuring construction items with long lead times in a timely manner, having the right in-house expertise to identify and manage risks and partnering with counterparties who bring the right capabilities and experience to deliver a project.”
Strategic acquisition reinforces EagleClaw’s best-in-class service offering by adding complementary natural gas gathering, processing, and compression assets in close proximity to existing system; expanding EagleClaw’s offering to crude and water services; and adding new customers, volumes, and high-quality dedicated acreage
Midland & Houston, TX, September 5, 2018 – EagleClaw Midstream (“EagleClaw”), a portfolio company of Blackstone Energy Partners, announced today that it has entered into binding agreements to acquire Caprock Midstream Holdings (“Caprock”) from Energy Spectrum Capital and Caprock Midstream Management for $950 million plus pre-closing adjustments. The all-cash transaction is expected to close in 2018 and will be funded with equity and committed debt financing from Barclays Plc. EagleClaw’s current executive leadership team will lead the combined business, which shall operate under the EagleClaw name, following the closing of the transaction.
EagleClaw is the largest privately held midstream operator in the Permian’s Delaware Basin in West Texas. The company’s assets are strategically located in Reeves, Ward, and Culberson counties and include more than 550 miles of natural gas and natural gas liquids (“NGL”) pipelines and 720 million cubic feet per day (“MMcf/d”) of processing capacity. EagleClaw serves many of the region’s leading oil and gas producers, who have committed long-term dedications of natural gas volumes to the company from over 310,000 acres. Since being acquired by Blackstone last year, EagleClaw has more than doubled its processed volumes and system capacity, increased the amount of acreage under long-term dedication by over 55%, and entered into partnerships with Kinder Morgan and Targa to improve its customers’ takeaway options for natural gas and NGLs.
Caprock is a privately held midstream operator that provides gathering, processing, and disposal services for natural gas, crude oil, and produced water to producers in the Delaware Basin. Caprock’s assets are strategically located in the core of the southern Delaware Basin in Reeves and Ward counties. Caprock currently operates two natural gas processing facilities and will have 540 MMcf/d of processing capacity pro forma for the completion of two additional facilities currently under construction. Caprock also operates almost 300 miles of gas, crude, natural gas liquids, and water gathering pipelines; 23 MBbls of crude storage (expected to grow to over 60 MBbls within the next twelve months); and water disposal facilities with capacity of 210 MBpd (with an additional 375 MBpd of additional capacity planned and permitted). Caprock serves several highly active producers, which have made long-term dedications for natural gas, crude and / or water-related services totaling over 115,000 acres.
The acquisition of Caprock is complementary to EagleClaw and further solidifies the company’s position as the midstream partner of choice for producers in the Delaware Basin. Pro forma for the closing of the transaction, EagleClaw will operate close to 850 miles of natural gas, natural gas liquids, crude and water gathering pipelines; 1.3 billion cubic feet per day of processing capacity; and crude and water storage facilities, with over 425,000 acres under long-term dedication for midstream services. The acquisition of Caprock expands EagleClaw beyond natural gas gathering and processing related services into crude- and water-related services, providing opportunities for EagleClaw to offer a broad suite of midstream services to both existing and new customers. The transaction also benefits EagleClaw’s and Caprock’s customers by improving flow assurance and reliability and providing additional flexibility for customers’ natural gas, crude, and NGL takeaway.
The transaction has been structured such that the existing Caprock operating company (which will be renamed EagleClaw Midstream II) will be a sister-entity to the existing EagleClaw operating business (EagleClaw Midstream Ventures LLC) following the closing, under common ownership and management by the same corporate parent. The acquirer under the transaction documents and borrower of the acquisition financing will be a newly-established partnership, completely distinct from the existing EagleClaw credit group. All field personnel of Caprock will be offered opportunities to remain with the company following the closing. The Caprock water assets will be operated under a services agreement with Waterfield, a Blackstone-backed partnership focused on long-term full-cycle water solutions for upstream companies in the Permian Basin.
EagleClaw CEO Perspective
“We are delighted to welcome Caprock’s customers and their employees into the EagleClaw team,” said Bob Milam, EagleClaw’s founder and CEO. “I have known and respected Mike Forbau, Caprock’s co-founder and CEO, for over 20 years. We look forward to building on the great footprint that Mike and the Caprock team have assembled to date and providing Caprock’s customers with best-in-class service consistent with our record of safe and reliable performance.” Jamie Welch, EagleClaw’s President and CFO, added, “Following our recent announcement of the Permian Highway Pipeline in partnership with Kinder Morgan, the acquisition of Caprock is another exciting chapter in the continued growth story of EagleClaw. This transaction expands our business in every aspect, from asset footprint, to customer diversity, to breadth of service offering, while remaining true to EagleClaw’s core mission of providing customer-focused midstream services in the Permian basin.”
From Blackstone Energy Partners
“As investors across the energy value chain, with extensive holdings of upstream and midstream businesses, we have firsthand appreciation for the critical nature of EagleClaw’s services, the importance of safe and reliable operations, and the mutually beneficial relationship with the company’s producer customers,” said David Foley, CEO of Blackstone Energy Partners. “We look forward to serving Caprock’s customers under the EagleClaw platform and continuing to provide midstream services to address the rapidly growing needs of Permian producers.” Eric Liaw, Senior Managing Director at Blackstone, added, “We acquired EagleClaw with a vision of growing the business into a major, fully-integrated midstream player, delivering comprehensive value-added services to Permian Basin producers. Following our partnerships with Targa on the Grand Prix JV pipeline and with Kinder Morgan on the Permian Highway Pipeline, the acquisition of Caprock further broadens EagleClaw’s business and enhances the company’s value to its customers.”
From Caprock
“Caprock was formed with the intention of providing producers with a focused service partner in a high growth basin. We have enjoyed working with our key customers to facilitate the development of the Delaware Basin, a world class resource. We are proud of the work our team has done from tying-in the first exploratory wells on this acreage to building infrastructure to enable our customer’s transition to pad development,” stated Mike Forbau, CEO of Caprock. “As the basin transitions to a larger scale of development, we believe the capital intensity of a large private equity sponsor such as Blackstone will be a great addition to the Caprock business,” added Sanjay Bishnoi, CFO of Caprock. “The Caprock system and the EagleClaw system share a lot of geographical and operational synergy,” stated David Ferer, COO of Caprock. “We firmly believe the EagleClaw team will integrate the two systems to provide its combined customers with greater optionality around gas and product takeaway, in-field operational flexibility, and redundancy.”
From Energy Spectrum Capital
“Caprock exemplifies the role that Energy Spectrum plays in the midstream industry. By backing highly qualified teams, we allow capital to flow to well thought-out business plans. Caprock has succeeded in putting early-stage capital to work to develop critical infrastructure for upstream producers to delineate a key new basin in the United States. We are proud of our partnership with Mike and his team and believe that the integration with EagleClaw will be a strong development for Caprock’s customers,” said Tom Whitener, President of Energy Spectrum Capital.
Jefferies LLC acted as Blackstone and EagleClaw’s financial advisor in connection with the transaction. Akin Gump served as legal counsel to Blackstone and EagleClaw. Evercore and Barclays acted as financial advisors to Caprock and Energy Spectrum. Vinson & Elkins LLP and Orrick, Herrington and Sutcliffe LLP acted as legal counsel to Caprock and Energy Spectrum.
About EagleClaw Midstream Ventures, LLC
Headquartered in Midland and with a core presence in Houston, EagleClaw is focused on rapid response to the midstream infrastructure requirements of Permian producers. The Company provides comprehensive gathering, transportation, compression, processing and treating services necessary to bring natural gas, natural gas liquids and crude oil to market. EagleClaw is also partners with Targa on the Grand Prix Pipeline Project and with Kinder Morgan on the Permian Highway Pipeline Project. EagleClaw has long term dedications for over 300,000 acres from a broad number of successful and active producers in the Delaware Basin. For more information, please visit www.eagleclawmidstream.com
About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, with a successful record built on our industry expertise and partnerships with exceptional management teams. Blackstone has invested over $15 billion of equity globally across a broad range of sectors within the energy industry. Blackstone (NYSE: BX) is one of the world’s leading investment firms. Our asset management businesses, with approximately $440 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com.
About Caprock Midstream
Headquartered in Humble, TX, Caprock was founded in 2015 by Mike Forbau, David Ferer, Sanjay Bishnoi, John Phillips and Darin Aucoin. In partnership with Energy Spectrum Partners VII, LP Caprock began developing assets in the Delaware Basin in 2016. Caprock has developed gas gathering, gas processing, oil gathering and water gathering and disposal assets in the Delaware basin.
About Energy Spectrum Capital
Founded in 1995, Energy Spectrum Capital (“Energy Spectrum”) is a Dallas, Texas-based private equity firm focused on partnering with premier management teams that are pursuing compelling opportunities in the midstream sector of the North American oil and gas industry.
Contacts
EagleClaw
Jamie Welch
(713) 621-7300
jwelch@eagleclawmidstream.com
Blackstone Media Relations
Paula Chirhart
(212) 583-5011
Paula.chirhart@blackstone.com
SAN FRANCISCO, August 2, 2018 – Genstar Capital, a leading private equity firm focused on investments in targeted segments of the software, industrial technology, healthcare, and financial services industries, today announced that it has completed the previously announced acquisition of Drilling Info Holdings, Inc. Insight Venture Partners will retain a significant minority stake.
Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Its state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Drillinginfo’s solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 3,500 companies globally from its Austin, Texas, headquarters and has more than 675 employees. For more information visit drillinginfo.com.
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $10 billion of assets under management and targets investments focused on targeted segments of the software, industrial technology, healthcare, and financial services industries.
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MEDIA INQUIRIES
Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
HOUSTON–(BUSINESS WIRE)– KKR today announced that it has entered into an agreement to acquire Discovery Midstream (“Discovery”) from TPG Growth for approximately $1.2 billion. KKR is acquiring the provider of natural gas and oil gathering and natural gas processing services company through a newly formed joint venture with Williams(NYSE:WMB). The transaction is being funded primarily through KKR’s energy and infrastructure funds.
Founded in 2015 and based in Dallas, Texas, Discovery operates in the southern portion of Colorado’s Denver-Julesburg Basin (“DJ Basin”). The company’s infrastructure and related facilities are strategically located across more than 250,000 dedicated acres primarily in Weld and Adams counties. The Discovery system includes both natural gas and crude oil gathering pipelines, cryogenic gas processing, liquids handling and crude oil storage. The Discovery assets include a 60 million cubic feet per day (MMcf/d) gas processing plant with an additional 200 MMcf/d plant that is fully permitted and under construction. It is expected to be in service by the end of 2018.
“We are excited to partner with Williams in the acquisition of Discovery,” said James Cunningham, Managing Director on KKR’s Energy and Infrastructure team. “The Discovery team has built a strong gathering and processing infrastructure footprint to service growing production in the DJ Basin and Williams is well known as a safe and reliable operator of large-scale G&P systems in the Rockies. This fits well with our long-term focus on partnering with top-tier operators who prioritize operational excellence and stakeholder engagement when working on premier North American midstream infrastructure assets. We look forward to supporting the continued growth of Discovery alongside management and Williams for many years to come.”
Upon close, which is subject to customary closing conditions and expected to occur in the third quarter of 2018, Discovery will be led by its existing management team and Williams’ initial economic contribution and ownership will be 40 percent of the purchase price, while KKR’s initial economic contribution and ownership will be 60 percent of the purchase price. Williams will be the operator of Discovery and will hold a majority of governance voting rights. Williams has committed to fund additional capital as required to bring its economic ownership to 50/50.
“We are pleased to partner with KKR on this outstanding acquisition opportunity,” said Alan Armstrong, Williams’ President and CEO. “As one of the premiere providers of large-scale energy infrastructure with operations across the natural gas value chain, we look forward to serving the Discovery customers in this growing basin with our industry-leading midstream services and working with KKR, whose energy and infrastructure investments and strategic partnerships are well-known and highly regarded.”
“We’re thrilled to be partnering with KKR and Williams, two leading institutions that will further support our growth in the DJ Basin. We look forward to continuing to safely deliver for our customers and the community alongside our new partners,” said Discovery CEO Steven Meisel.
Simmons acted as the lead financial adviser to KKR and Williams and Simpson Thacher & Bartlett served as legal adviser to KKR.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, with its strategic partners, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc.(NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR Co.
About Discovery Midstream
Based in Dallas, Discovery is a full-service midstream company focused on maximizing value and providing outstanding service to producers. Discovery’s management team has more than 100 years of experience in developing grassroots projects, optimizing assets and providing related services in the major producing basins in the United States. For more information, please visit www.discoverymidstream.com.
About Williams & Williams Partners
Williams (NYSE: WMB) is a premier provider of large-scale infrastructure connecting U.S. natural gas and natural gas products to growing demand for cleaner fuel and feedstocks. Headquartered in Tulsa, Okla., Williams owns approximately 74 percent of Williams Partners L.P. (NYSE: WPZ). Williams Partners is an industry-leading, large-cap master limited partnership with operations across the natural gas value chain including gathering, processing and interstate transportation of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams Partners owns and operates more than 33,000 miles of pipelines system wide – including the nation’s largest volume and fastest growing pipeline – providing natural gas for clean-power generation, heating and industrial use. Williams Partners’ operations touch approximately 30 percent of U.S. natural gas. www.williams.com
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $13.2 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has approximately $84 billion of assets under management. For more information, visit www.tpg.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180730005197/en/
Media:
KKR
Kristi Huller or Cara Major, 212-750-8300
media@kkr.com
Source: KKR
News Provided by Acquire Media
AUSTIN, Texas & HOUSTON–(BUSINESS WIRE)– Today, affiliates of Venado Oil and Gas, LLC (“Venado”) and KKR announced that they have closed on an acquisition of operated assets located in the Eagle Ford oil window of South Texas. The assets acquired by Venado and KKR include current oil production from 22 producing wells and significant future resource development potential across approximately 23,000 net acres immediately adjacent to existing operated assets held by Venado and KKR in Atascosa and Frio counties. During the second quarter of 2018, the assets produced approximately 4,500 net barrels of oil equivalent per day (74% oil, 11% natural gas and 15% NGLs).
Venado CEO Scott Garrick stated, “These assets are a natural addition to our existing operated assets and considerably increase our future drilling inventory. This acquisition is a continuation of our strategy begun in late 2016 to consolidate proven assets in the Eagle Ford. This is a prime example of the Venado and KKR partnership using our extensive experience in the Eagle Ford to capture additional high-quality assets, where we have identified multiple opportunities to enhance long-term value for our stakeholders.”
David Rockecharlie, Member and Head of Energy Real Assets for KKR, commented, “This investment marks our third asset acquisition in partnership with the Venado team in less than eighteen months, underlining our commitment to capitalizing on the attractive market opportunity we see in the U.S. oil and gas sector at this point in the cycle. We continue to employ our differentiated strategy, which seeks to generate strong investment returns and free cash flow through superior technical and operational execution, as well as disciplined financial and risk management.”
As of the closing date, the Venado and KKR partnership manages an asset position comprising approximately 136,000 net acres producing approximately 43,000 barrels of oil equivalent per day from the Eagle Ford trend of South Texas.
The Venado and KKR asset partnership is principally funded by KKR’s Energy Income and Growth Fund I (“EIGF”). KKR manages a portfolio of oil and gas assets in numerous unconventional and conventional resource areas across the United States and has made thirteen investments in the Eagle Ford to date.
About Venado Oil and Gas
Venado Oil & Gas is a private company focused on the acquisition and exploitation of upstream oil and gas assets. Headquartered in Austin, Texas, its primary objective is to build and operate a portfolio of producing oil and gas wells and drilling locations in the Eagle Ford Shale. For additional information about Venado Oil & Gas, please visit www.vogllc.com.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Media:
KKR
Kristi Huller or Cara Kleiman Major, + 1-212-750-8300
media@kkr.com
Source: KKR & Co. Inc.
Enegia, Finland’s leading independent energy expert, is to sell its energy market services business to Gasum, the leading gas sector player in the Nordic countries. The acquisition will intensify Enegia’s strategy in the strongly growing EnerKey energy management services.
Enegia Group Oy signed an agreement to sell its energy market services business to Gasum Ltd. The transaction includes the capital stocks of Enegia Consulting Oy, Enegia Portfolio Services Oy and intStream Oy. Energy market services will continue its business and service provision to current customers. The some 35 professionals employed by energy market services will transfer to Gasum’s service on completion of the transaction. The transaction is subject to the approval of the authorities and is expected to complete in early fall 2018
‟With the transaction Enegia will become a focused EnerKey-driven expert in energy management and the reorganization of Enegia’s strategy started last year has now been completed We’re happy that Gasum as the new energy market services owner will strengthen the further development and expansion of this business as well,” says Enegia Group Oy Managing Director Kalle Ahlstedt.
“The EnerKey energy management system is the undisputed market leader in property energy data management in Finland. There is also growing international potential for these scaleable services, which creates excellent preconditions for future growth and success,” says Ilari Anttila, who became CEO of Enegia Energy Management Services Oy in May.
‟As the new owner, Gasum will enable the development of energy market services to be taken to a new level drawing on the diverse excellence of both companies in the energy industry,” notes Vice President, Enegia’s Energy Market Services Mikko Askolin.
‟The energy sector and gas market are changing rapidly. The competencies of Enegia’s experts will diversify and strengthen Gasum’s service mix. The acquisition will enable us to offer more comprehensive services to our current customers and lead the way in the energy sector,” says Gasum CEO Johanna Lamminen
For further information please contact:
Kalle Ahlstedt, Managing Director, Enegia Group Oy
Phone: +358 50 453 3507, firstname.surname(a)enegia.com
Mikko Askolin, Vice President, Energy Market Services
Phone: +358 40 841 9462, firstname.surname(a)enegia.com
Jouni Haikarainen, Senior Vice President, Natural Gas, Gasum Ltd
Phone: +358 40 709 5690, firstname.surname(a)gasum.com
Enegia is one of the leading Nordic independent energy expert organizations for the energy industry. Over half of the 100 largest Finnish companies use Enegia’s services, and Enegia Group’s net sales in 2017 were €119.7 million. Enegia’s electricity trade volume is 15 TWh, corresponding to approximately one quarter of Finland’s electricity use. Enegia’s EnerKey is the leading energy data and energy process management system in the Nordic countries. The system is used by approximately 300 organizations to manage energy consumption information from 75,000 meters in 15,000 properties. Enegia is majority-owned by the Finnish private equity firm Vaaka Partners Oy. www.enegia.com
The energy company Gasum is a Nordic gas sector expert. Together with its partners, Gasum is building a bridge towards a carbon-neutral society on land and at sea. Gasum imports natural gas to Finland and promotes the circular economy by processing waste and producing biogas and recycled nutrients in Finland and Sweden. The company offers energy for heat and power production, industry as well as road and maritime transport. Gasum is the leading supplier of biogas in the Nordic countries. The company has a gas filling station network that also serves heavy-duty vehicles. The Gasum subsidiary Skangas is the leading liquefied natural gas (LNG) player in the Nordic market. The company continues to strengthen the position and infrastructure of LNG and supplies LNG to maritime transport, industry and heavy-duty vehicles in Finland, Sweden and Norway. www.gasum.com
