AIMCo acquires Astatine’s interest in Howard Energy Partners

• HEP owns and operates natural gas and crude oil pipelines, natural gas processing plants, refined products storage terminals, deep-water dock and rail facilities, fractionation facilities, hydrogen production facilities, renewable diesel logistics facilities and other midstream assets
• AIMCo acquired an initial 28 percent stake in 2017

Alberta Investment Management Corp has acquired Astatine Investment Partners’ stake in Howard Energy Partners (HEP), a San Antonio, Texas-based energy company focused on providing midstream solutions. No financial terms were disclosed.

AIMCo acquired an initial 28 percent stake in HEP in 2017. As a result of the deal, it holds a total ownership interest of 87 percent.

HEP owns and operates natural gas and crude oil pipelines, natural gas processing plants, refined products storage terminals, deep-water dock and rail facilities, fractionation facilities, hydrogen production facilities, renewable diesel logistics facilities and other midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania, and Mexico.

“As one of the premier capital providers in the industry, AIMCo has been a long-time and trusted partner of HEP. They have supported our vision of growth and value creation while at the same time supporting our commitment of delivering positive energy in new and innovative ways,” said Mike Howard, HEP Chairman and CEO, in a statement. “I am excited that we are significantly expanding our partnership in North America, and I believe that together we will be able to further scale our platform of assets for many years into the future.”

AIMCo is a Calgary-based institutional investment manager with more than C$150 billion of assets under management. It invests on behalf of 32 pension, endowment, and government funds in the province of Alberta.

TPH&Co, the energy business of Perella Weinberg Partners, served as financial advisor to AIMCo, while Kirkland & Ellis served as legal advisor.