Trilantic Capital Management LP has made a commitment to invest $250 million in TRP Energy LLC. Based in Houston, Texas, TRP is a newly formed oil and gas company.
Trilantic Capital Management LP (“Trilantic North America”) today announced a $250 million equity commitment to invest in TRP Energy, LLC (“TRP”), a newly-formed, Houston, Texas-based exploration and production company seeking to acquire and finance the development of direct, non-operated (“non-op”) working interests across premier onshore plays in the United States. TRP will be led by CEO Trent Foltz and President Randy Dolan, two petroleum engineers who previously led JP Morgan’s technical upstream acquisitions and divestitures practice.
“We believe the combination of TRP’s non-op strategy, management’s unique skillset and the current macro environment creates a compelling opportunity to partner with top-tier operators in the development of their oil and gas projects,” said Glenn Jacobson, a Partner at Trilantic North America. “We are thrilled to invest with the TRP management team and to execute on the exciting opportunities ahead.”
Added Foltz: “We are excited to join Trilantic in this new venture. We see a lot of potential in this non-op strategy and are fortunate to be accompanied by a partner with such extensive oil and gas investment experience and a proven track record of success.”
The transaction follows Trilantic North America’s recent energy investments in Ward Energy Partners and Fluid Delivery Solutions. The Trilantic North America team has now committed approximately $2.8 billion to the energy sector.
Trilantic was advised by Latham & Watkins LLP. TRP was advised by Sidley Austin LLP.
About Trilantic North America
Trilantic North America is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer, energy and financial services sectors. As of December 31, 2014, Trilantic North America currently manages four private equity funds with aggregate capital commitments of $5.6 billion. For more information, visit www.trilantic.com.
About TRP Energy
TRP is a Houston-based oil and gas company focused on identifying, acquiring and developing non-operated working interest positions across the United States. TRP plans to build a portfolio of non-operated positions across the premier basins by partnering with proven operators. TRP will target high-quality oil and gas assets with well control that offer significant undeveloped upside. For more information, please contact TRP’s offices at (713) 357-7530.