San Antonio-based Cavalcade Midstream, a midstream company, has secured $150 million in funding. The investors were Pearl Energy Investments, Old Ironsides Energy and NGP. Norton Rose Fulbright served as legal advisors to Cavalcade on the transaction while Thompson & Knight did likewise for Pearl, Old Ironsides and NGP.
SAN ANTONIO–(BUSINESS WIRE)–Cavalcade Midstream (Cavalcade), a newly formed, full-service midstream company, announced today that it has received a total equity commitment of $150 million from Pearl Energy Investments (Pearl), Old Ironsides Energy (Old Ironsides), and NGP. Based in San Antonio, Cavalcade is focused on providing tailored midstream solutions through greenfield development and strategic M&A, initially in the Permian Basin.
Cavalcade is led by three founding partners, Rich Reynolds, Hunter Thunell, and Ross Dillon, who previously worked together at NuStar Energy L.P. (NuStar). Cavalcade’s founders have a history of success across multiple basins, including the Permian and Eagle Ford, and with multiple product streams, including crude oil, natural gas and refined products.
Reynolds, Cavalcade’s Chief Executive Officer, was most recently focused on all legal aspects of NuStar’s Permian Basin business, as well as its domestic and international M&A activity. Before NuStar, Reynolds was Vice President and Associate Corporate Counsel for Frost Bank.
Thunell, Cavalcade’s President and Chief Commercial Officer, most recently focused on strategic and new producer relationships for NuStar in the Permian Basin, while previously sourcing, analyzing and managing NuStar’s M&A activity in corporate development. Prior to NuStar, Thunell worked for Bank of America and Bank of Tokyo, specializing in natural resources. Dillon, Cavalcade’s Chief Operating Officer, most recently managed NuStar’s strategic capital project portfolio in the Permian Basin. Prior to that, he held various engineering and operations leadership roles for Kinder Morgan and El Paso Energy.
“We are honored to partner with Pearl, Old Ironsides and NGP, three preeminent investment firms in the energy business,” said Rich Reynolds, Cavalcade Chief Executive Officer. “The Cavalcade team has a long and successful history working together and we are confident that our experience, coupled with our strong financial sponsors, will enable us to create value, providing creative, flexible, and reliable midstream solutions for our customers.”
“Pearl is excited to partner with Rich, Hunter and Ross. Our equity commitment and partnership with NGP and Old Ironsides reflect the confidence we have in the Cavalcade team,” said Billy Quinn, Managing Partner and Co-Founder of Pearl.
“We welcome Cavalcade’s creative and innovative approach to the midstream business and look forward to supporting this highly talented team as they execute their strategy,” said Sean O’Neill, Co-Founder and Managing Partner of Old Ironsides.
“Cavalcade has a fresh perspective that will quickly translate to delivering value to its customers and partners,” said Craig Glick, Partner of NGP.
Norton Rose Fulbright served as legal advisors to Cavalcade and Thompson & Knight served as legal advisors to Pearl, Old Ironsides and NGP.
About Cavalcade Midstream
Based in San Antonio, Texas, Cavalcade Midstream is a newly formed, full-service midstream company backed by a total initial equity commitment of $150 million from Pearl Energy Investments, Old Ironsides Energy and NGP. Cavalcade is focused on leveraging strong relationships and a deep understanding of the energy industry to provide tailored midstream solutions that effectively address customer needs, both through greenfield development and strategic M&A. For additional information visit www.cavalcademidstream.com.
About Pearl Energy Investments
Pearl Energy Investments is a Dallas-based energy investment firm with $1.2 billion of committed capital under management. Pearl focuses on partnering with best-in-class management teams to invest in the North American upstream, midstream, and oilfield services sectors. For additional information, please visit www.pearl-energy.com.
About Old Ironsides Energy
Old Ironsides Energy, LLC is an independent oil and gas investment manager that has built a platform for investing in private equity and drilling joint ventures and has a history of creating value in the energy business. For additional information, please visit www.oldironsidesenergy.com.
About Natural Gas Partners
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $20 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. For additional information, please visit www.ngpenergycapital.com.