Cavalcade Midstream Announces $150 Million Partnership with Pearl Energy, Old Ironsides Energy and NGP
Cavalcade
Midstream (Cavalcade), a newly formed, full-service midstream
company, announced today that it has received a total equity commitment
of $150 million from Pearl
Energy Investments (Pearl), Old
Ironsides Energy (Old Ironsides), and NGP.
Based in San Antonio, Cavalcade is focused on providing tailored
midstream solutions through greenfield development and strategic M&A,
initially in the Permian Basin.
Cavalcade is led by three founding partners, Rich Reynolds, Hunter
Thunell, and Ross Dillon, who previously worked together at NuStar
Energy L.P. (NuStar). Cavalcade’s founders have a history of success
across multiple basins, including the Permian and Eagle Ford, and with
multiple product streams, including crude oil, natural gas and refined
products.
Reynolds, Cavalcade’s Chief Executive Officer, was most recently focused
on all legal aspects of NuStar’s Permian Basin business, as well as its
domestic and international M&A activity. Before NuStar, Reynolds was
Vice President and Associate Corporate Counsel for Frost Bank. Thunell,
Cavalcade’s President and Chief Commercial Officer, most recently
focused on strategic and new producer relationships for NuStar in the
Permian Basin, while previously sourcing, analyzing and managing
NuStar’s M&A activity in corporate development. Prior to NuStar, Thunell
worked for Bank of America and Bank of Tokyo, specializing in natural
resources. Dillon, Cavalcade’s Chief Operating Officer, most recently
managed NuStar’s strategic capital project portfolio in the Permian
Basin. Prior to that, he held various engineering and operations
leadership roles for Kinder Morgan and El Paso Energy.
“We are honored to partner with Pearl, Old Ironsides and NGP, three
preeminent investment firms in the energy business,” said Rich Reynolds,
Cavalcade Chief Executive Officer. “The Cavalcade team has a long and
successful history working together and we are confident that our
experience, coupled with our strong financial sponsors, will enable us
to create value, providing creative, flexible, and reliable midstream
solutions for our customers.”
“Pearl is excited to partner with Rich, Hunter and Ross. Our equity
commitment and partnership with NGP and Old Ironsides reflect the
confidence we have in the Cavalcade team,” said Billy Quinn, Managing
Partner and Co-Founder of Pearl.
“We welcome Cavalcade’s creative and innovative approach to the
midstream business and look forward to supporting this highly talented
team as they execute their strategy,” said Sean O’Neill, Co-Founder and
Managing Partner of Old Ironsides.
“Cavalcade has a fresh perspective that will quickly translate to
delivering value to its customers and partners,” said Craig Glick,
Partner of NGP.
Norton Rose Fulbright served as legal advisors to Cavalcade and Thompson
& Knight served as legal advisors to Pearl, Old Ironsides and NGP.
About Cavalcade Midstream
Based in San Antonio, Texas, Cavalcade Midstream is a newly formed,
full-service midstream company backed by a total initial equity
commitment of $150 million from Pearl Energy Investments, Old Ironsides
Energy and NGP. Cavalcade is focused on leveraging strong relationships
and a deep understanding of the energy industry to provide tailored
midstream solutions that effectively address customer needs, both
through greenfield development and strategic M&A. For additional
information visit www.cavalcademidstream.com.
About Pearl Energy Investments
Pearl Energy Investments is a Dallas-based energy investment firm with
$1.2 billion of committed capital under management. Pearl focuses on
partnering with best-in-class management teams to invest in the North
American upstream, midstream, and oilfield services sectors. For
additional information, please visit www.pearl-energy.com.
About Old Ironsides Energy
Old Ironsides Energy, LLC is an independent oil and gas investment
manager that has built a platform for investing in private equity and
drilling joint ventures and has a history of creating value in the
energy business. For additional information, please visit www.oldironsidesenergy.com.
About Natural Gas Partners
Founded in 1988, NGP is a premier private equity firm in the natural
resources industry with approximately $20 billion of cumulative equity
commitments organized to make strategic investments in the energy and
natural resources sectors. For additional information, please visit www.ngpenergycapital.com.
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