PFM Capital, InstarAGF join $90.5 mln financing of Steel Reef

Steel Reef Infrastructure Corp, a Calgary-based midstream company, has raised $90.5 million in financing.

The deal was backed by domestic and global investors, including PFM Capital, a Canadian private equity firm, and InstarAGF Asset Management, a Canadian infrastructure and real assets investment firm.

InstarAGF acquired a minority stake in Steel Reef for $75 million in 2016.

Founded in 2012, Steel Reef owns and operates processing and transportation facilities in Western Canada that service the production and processing of oil, natural gas and natural gas liquids. To date, the company has deployed about $390 million to its portfolio of assets.

President and CEO Scott Southward said the funds raised will be used to expand Steel Reef’s infrastructure service offering in key geographies.


Steel Reef Completes $90.5 Million Equity Financing

CALGARY, Alberta, Feb. 08, 2019 (GLOBE NEWSWIRE) — Steel Reef Infrastructure Corp. (“Steel Reef”) is pleased to announce that it has raised an aggregate of $90.5 million from Canadian and international investors, including investment funds managed by PFM Capital Inc. (“PFM”) and InstarAGF Asset Management (“InstarAGF”) alongside its institutional co-investors. A total of 36,203,111 common shares of Steel Reef were issued at a price of $2.50 per share. The proceeds will be used to support Steel Reef’s continuing growth. All amounts are in Canadian dollars.

“Steel Reef is focused on operating performance and growth through customer relationships and strategic acquisitions,” said Scott Southward, President and CEO. “We are excited to partner with our investors to position Steel Reef to further expand its infrastructure service offering in key geographies.”

Formed in 2012, Steel Reef owns and operates high quality processing and transportation facilities that provide value-added services for the production and processing of oil, natural gas and natural gas liquids. These facilities are located in low cost, high quality formations within the Western Canadian Sedimentary Basin. Since inception, Steel Reef has deployed approximately $390 million into a cohesive portfolio of assets, most recently including the acquisitions of the Steelman, Coleville and Glen Ewen gas plants and associated gathering systems in Saskatchewan in 2018.

The Company intends to continue expanding its associated gas processing infrastructure throughout the Williston Basin in Canada and the United States and is pursuing opportunities to vertically integrate from its existing asset base to broaden its offering of services to customers.

About Steel Reef Infrastructure Corp.

Steel Reef is a midstream company focused on strategically partnering with oil and gas exploration, development and production companies to develop a portfolio of midstream assets, through acquisition or construction, with a view to generating a regular dividend for its investors. For more information, please visit

About InstarAGF Asset Management

InstarAGF, which makes direct investments and co-investments with like-minded investors and strategic partners, is an independent alternative asset management firm focused on North American middle-market opportunities in the infrastructure sector and other alternative real asset categories. InstarAGF’s growing footprint spans North America with a portfolio that includes aviation infrastructure, district energy, renewable energy, midstream energy services, and specialty ports and logistics businesses that deliver essential services and value to communities, partners and investors. For more information please, visit

About PFM Capital Inc.

PFM Capital is Saskatchewan’s largest private equity investment firm and has raised more than $860 million in capital across 8 retail or institutional and private wealth funds. Based in Regina, funds managed by PFM Capital target investments in private mid-market Western Canadian based companies that offer the potential for substantial capital appreciation or income generation, concentrated in the energy, value-added agriculture, manufacturing and industrial sectors. PFM Capital is employee-owned and has been managing private equity funds for over 20 years. For more information, please visit

Scott Southward
President and Chief Executive Officer
(587) 391-1320 Caroline Banks
Vice President Finance and Chief Financial Officer
(587) 391-1319