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The business mix of gas gathering and artificial gas lift results in a more stable cash flow profile for the asset and fits well within its overall strategy.
"The company has a strong reputation for being a reliable, trusted partner of truck fleet operators, solving electrical system problems, and introducing product solutions to meet customer needs."
Gravity’s acquisition of On Point will create the largest commercial produced water disposal company by injection volumes in the Midland Basin.
Gravity, a Clearlake Capital Group portfolio company, said Nov. 6 that it agreed to buy On Point Oilfield Holdings LLC. White Deer Energy is the seller. Financial terms weren’t announced. On Point is a contracted produced water midstream company focused on gathering and disposal operations in the Midland Basin.
Fengate Asset Management has acquired a Maine-based wind project from Longroad Energy Partners LLC. No financial terms were disclosed.
Canada Pension Plan Investment Board has agreed to acquire Pattern Energy, an independent power company, in a take-private transaction for US$26.75 per share or about US$6.1 billion. CPPIB has also agreed to merge Pattern Energy with Pattern Development, which is backed by Riverstone Holdings, to create a renewal energy company. Evercore and Goldman Sachs are financial advisers to Pattern Energy's special committee on the deal with Paul, Weiss, Rifkind, Wharton & Garrison LLP serving as independent legal counsel. Pattern Energy is currently listed on the NASDAQ and Toronto Stock Exchange.
Golden Gate Capital has sold Hillstone Environmental Partners LLC to NGL Energy Partners LP for about $600 million. Hillstone provides water pipeline and disposal infrastructure solutions to the oil and gas industry with a core operational focus on the Central Delaware Basin. Tudor, Pickering, Holt & Co. and Jefferies provided financial advice to Golden Gate Capital and Hillstone on the deal with Kirkland & Ellis LLP and Nob Hill Law Group P.C. providing legal counsel.
Scout Clean Energy, which is backed by Quinbrook Infrastructure Partners, has provided funding for a Texas wind farm. No financial terms were disclosed. Construction of 300MW Ranchero Wind Farm, which began earlier this year, has been completed.
Swedish engineering firm Sandvik has agreed to divest most of its drilling and completions unit to Blue Water Energy and Nixon Energy Investments for $90 million. Sandvik will retain a 30 percent stake in the company.
Canadian investment firm CBRE Caledon closed its US$256.1 million investment in Pattern Energy, which is backed by Riverstone Holdings. CAAT Pension Plan invested alongside CBRE Caledon. Pattern Energy is an independent power company listed on the NASDAQ and Toronto Stock Exchange.
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