Aspen Midstream Receives Equity Commitment Of US$200 Million From EnCap Flatrock

Published: May 17 2017
Deal Summary

Aspen Midstream, LLC, a provider of integrated midstream solutions to oil and gas producers, received an initial equity commitment of US$200 million from EnCap Flatrock Midstream, a private equity firm, and the management team of the company.

Mack Matheson & Marchesoni PLLC acted as legal advisor to Aspen Midstream and Thompson & Knight LLP acted as legal advisor to EnCap Flatrock in the transaction. The investment enables EnCap Flatrock to expand its investment portfolio.

James Clarke, CEO of Aspen Midstream, said, “We are excited to create a fast-paced entrepreneurial environment and leverage our experience, relationships and deep understanding of producer needs. Our partnership with EnCap Flatrock brings strong financial support from the largest provider of value-added venture capital in the sector. EnCap Flatrock provides more than capital. The scope of their team’s financial and technical knowledge and understanding of the midstream space is invaluable. They are a natural fit for us. Our goal is to build on our established track record of creating value for our customers by offering flexible commercial solutions, one-stop shopping for an integrated set of midstream services and rapid execution that is reliable and safe and maximizes netbacks.”

Sam Pitts, managing partner of EnCap Flatrock, said, “We are very impressed by the Aspen Midstream team. The founders have an outstanding track record of working together across multiple basins and achieving tremendous success. James Clarke, Stephen Reilly, Robert Underwood and Matt Ray are well known and highly regarded across the industry, extremely motivated and have diverse skill sets that complement each other very well. We are excited to get to work in support of the company’s growth.”

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