Navitas Midstream Partners, a producer-focused midstream company, today announced that an affiliate of Warburg Pincus, a global private equity firm focused on growth investing, has agreed to lead a line-of-equity investment of up to US$ 500 million in the company. Warburg Pincus is joined by members of the management team and other individuals in this investment. Navitas seeks to develop, acquire, and operate midstream assets across multiple basins in North America.
Navitas is led by R. Bruce Northcutt who served as the President and Chief Executive Officer of Copano Energy, LLC until its sale to Kinder Morgan Energy Partners, LP for approximately US$ 5 billion in May 2013. Mr. Northcutt is joined by partners Bryan W. Neskora and James E. Wade, who were senior members of management at Copano. Mr. Neskora served as Copano's Chief Operating Officer and previously as Senior Vice President at El Paso Corp. Mr. Wade served as Copano's President and Chief Operating Officer of the Texas Business Unit and previously as Senior Vice President of Southern Union Energy Services. The senior management team, which collectively has more than 80 years of industry experience, has a track record of successful project execution in numerous basins across the midstream value chain including gathering, treating, processing, fractionation and transportation of natural gas, NGLs, condensate and crude oil.
Messrs. Northcutt, Neskora and Wade served as Executives-In-Residence at Warburg Pincus, where they worked in close collaboration in the early stages of the Company's development. Mr. Northcutt commented, "We are delighted to have the support of Warburg Pincus to assist us in developing and growing the business. The Firm's deep industry experience and patient capital provides us with a competitive advantage in today's midstream marketplace."
In Seon Hwang, Managing Director at Warburg Pincus said, "We are pleased to partner with Navitas' best-in-class management team and to leverage their industry leadership and successful track record to build a business of scale. With our producer-focused, long-term orientation to develop and operate assets, we believe Navitas is well-positioned to become a leading player in the North American midstream landscape."
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/06062014/navitas_midstream_announces_investment_of_up_to_us_500_million/