Navitas Midstream Partners LLC said Tuesday that it has acquired natural gas gathering and processing assets serving Martin, Midland and Glasscock counties in Texas. DCP Midstream LLC was the seller. Navitas is a portfolio company of Warburg Pincus.
THE WOODLANDS, Texas, Sept. 1, 2015 /PRNewswire/ — Navitas Midstream Partners, LLC (“Navitas”) announced today that it has acquired natural gas gathering and processing assets serving Martin, Midland and Glasscock counties in Texas from a subsidiary ofDenver-based DCP Midstream, LLC.
The assets acquired include approximately 1,000 miles of low and high pressure natural gas gathering pipelines and a cryogenic processing plant, which has capacity in excess of 60 million cubic feet per day.
“We are excited to acquire such an extensive footprint, which is in the core of the Midland Basin and will provide the foundation for additional growth opportunities,” said R. Bruce Northcutt, Founder and Chief Executive Officer of Navitas. “Our strategy is to revitalize the assets through an extensive capital program designed to improve system capacity and efficiencies. We intend to leverage our management team’s experience in the Permian Basin to find the best solutions for customers.”
The acquisition was financed with equity from Warburg Pincus, Navitas’ private equity sponsor.
About Navitas Midstream Partners, LLC
Based in The Woodlands, Texas, Navitas Midstream Partners is a producer-focused midstream company. The senior management team has more than 80 years of combined experience and has executed more than $10 billion of capital projects and $2 billion of acquisitions. Led by R. Bruce Northcutt, along with partners Bryan W. Neskora and James E. Wade, Navitas was formed with Warburg Pincus. For more information, visit www.navitas-midstream.com.
About Warburg Pincus LLC
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $35 billion in assets under management. The firm’s active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 14 private equity funds, including a $4 billion energy fund that closed in October 2014, which have invested more than $50 billion in over 720 companies in more than 35 countries. The firm is headquartered in New York with offices inAmsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, Sao Paulo and Shanghai. For more information please visit www.warburgpincus.com.