Stonepeak commits up to $500 mln for Sage Midstream Ventures plan

Stonepeak Infrastructure Partners committed as much as $500 million to enable Sage Midstream Ventures LLC of Houston to pursue midstream acquisition and development opportunities in North America. Stonepeak is the New York private equity firm focused on infrastructure investments in energy, power and renewables, transportation, utilities, water and communications. Sage in a statement said it would pursue opportunities “across the hydrocarbon value chain, including natural gas, natural gas liquids, crude oil, petrochemicals and refined products.” Jack Howell, Luke Taylor and Forrest Wylie of Stonepeak will join Sage’s board. Sidley Austin LLP advised Stonepeak on legal matters while Willkie Farr & Gallagher LLP was Sage management’s counsel.

Press Release

HOUSTON, April 18, 2016 /PRNewswire/ — Sage Midstream Ventures, LLC (“Sage”) announced today that it has received an equity commitment of up to $500mm from to pursue midstream acquisition and development opportunities throughout North America’s energy industry.

Headquartered in Houston, Texas, Sage is led by President Greg Bowles, Vice President of Business Development John Steen, Vice President of Engineering and Operations Nick Cocavessis, and Vice President of Finance Vlad Klenikov.  Mr. Bowles was previously Executive Vice President of Lone Star NGL, a division of Energy Transfer Partners, L.P., where he was responsible for all commercial operations and development.  While at Lone Star NGL, Mr. Bowles and Mr. Steen developed over $1 billion of energy infrastructure projects.  The four principals have extensive experience in the acquisition, development, construction, and operation of midstream energy infrastructure.

Sage will pursue acquisition and development opportunities across the hydrocarbon value chain, including natural gas, natural gas liquids, crude oil, petrochemicals and refined products, with a broad focus on transportation, processing, fractionation, storage and marketing services.

Mr. Bowles said, “We are thrilled to have partnered with Stonepeak to pursue energy infrastructure projects and believe there is a tremendous amount of opportunity in today’s energy markets.  We look forward to leveraging our combined expertise and resources to create a significant asset footprint that enables us to provide outstanding service to domestic and international producers and consumers of energy products.”

Michael Dorrell, Senior Managing Director and co-founder of Stonepeak, added, “The Sage management team has extensive experience across the oil & gas midstream sector and we are delighted to partner with them as they pursue investments in North American energy infrastructure. We believe the current market environment will present a wide range of opportunities for Sage and we look forward to a successful long term partnership.”

Concurrent with the closing, Jack Howell, Luke Taylor and Forrest Wylie will join Sage’s board of directors.

Sidley Austin LLP was Stonepeak’s legal counsel. Willkie Farr & Gallagher LLP was Sage management’s counsel.