Northleaf Capital Partners has acquired CSV Midstream Solutions Corp, a Calgary-based midstream natural gas and liquids infrastructure company.
Terms weren’t released for the deal, which includes the Resthaven gas processing facility and Pipestone South compressor station.
CSV Midstream also announced its purchase of Paramount Resources Ltd‘s 6-18 natural gas facility and related assets. In a separate release, Paramount said the transaction is valued at $470 million.
CSV Midstream was previously backed by Apollo Global Management. Apollo invested US$500 million in 2014 to support the early development of midstream assets in the Western Canadian Sedimentary Basin.
Toronto-based Northleaf is a global private equity, private credit and infrastructure manager.
Northleaf Capital Partners Acquires CSV Midstream Solutions Corp.
Transaction includes Resthaven gas processing facility, Pipestone South compressor station as well as acquisition of Paramount Resource Ltd.’s Karr 6-18 facility
CALGARY, ALBERTA and TORONTO, ONTARIO (June 28, 2019) – CSV Midstream Solutions Corp. (CSV Midstream) and Northleaf Capital Partners (Northleaf) are pleased to announce that they have entered into a strategic investment partnership. With this partnership, infrastructure funds managed by Northleaf have acquired 100% of CSV Midstream, including the 100 MMcf/day Resthaven gas processing facility and the 60 MMcf/day Pipestone South compressor station.
In addition to this transaction, the parties also announced the purchase of Paramount Resources Ltd.’s Karr 6-18 facility. CSV Midstream will assume the ongoing operations and construction management of the Karr gas processing plant expansion, bringing the facility’s total capacity to 150 MMcf/d. With the addition of the Karr 6-18 facility, CSV Midstream’s platform is well-positioned to serve a broad spectrum of oil and gas operators in northwestern Alberta.
“We are thrilled to be entering into this strategic ownership relationship with Northleaf,” said Daniel Clarke, founder and CEO of CSV Midstream. “We are very fortunate to have their backing and gain access to their deep experience in energy infrastructure and their relationships with the broader investment community. The value of our partnership has been clearly demonstrated by the significant accomplishments that the CSV Midstream team has achieved in a short time frame with the support and guidance of Northleaf.”
Jared Waldron, Managing Director, Infrastructure at Northleaf, added: “Direct investments in high-quality contracted energy assets, in partnership with world-class management teams like the one at CSV Midstream, are a core component of Northleaf’s strategy and offer our investors significant potential for stable, long-term returns. CSV Midstream’s assets represent a particularly attractive investment opportunity due to the quality of the underlying resource in the areas in which we are operating.”
About CSV Midstream Solutions Corp.
CSV Midstream Solutions Corp. is a Calgary-based company offering full services for complete midstream solutions. With a vision to advance midstream, they provide innovative, sustainable strategies in the engineering, design, construction, operation and management of natural gas and NGL assets, including sweet and sour gas processing, liquids handling and fractionation, and gas gathering and transmission pipelines. CSV Midstream’s primary focus is the developing natural gas energy industry in the Western Canadian Sedimentary Basin. For more information about CSV Midstream, please visit csvmidstream.com.
About Northleaf Capital Partners
Northleaf Capital Partners is an independent global private markets fund manager with more than US$12 billion in private equity, private credit and infrastructure commitments under management on behalf of public, corporate and multi-employer pension plans, endowments, foundations, financial institutions and family offices. Northleaf’s 130-person team, located in Toronto, Montreal, London, New York, Chicago, Menlo Park and Melbourne, is focused exclusively on sourcing, evaluating and managing private markets investments globally. Northleaf’s portfolio includes more than 350 active investments in 34 countries, with a focus on mid-market companies and assets. For more information about Northleaf, please visit northleafcapital.com.
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