Discovery Midstream acquisition closed
Published by Stephanie Roker,
Editor
World Pipelines,
TPG Growth, the middle market and growth equity platform of global alternative asset firm TPG, has closed its previously announced acquisition of Discovery Midstream (Discovery); a Dallas-based (USA), full-service midstream provider. Discovery’s current management team will continue to run the company post-transaction and invested significantly alongside TPG Growth in this transaction.
On 27 June 2017, TPG Growth announced it had entered into a definitive agreement to acquire Discovery for an undisclosed sum. Founded in 2015 by a group of industry veterans, Discovery is a provider of oil and natural gas gathering and natural gas processing services in the southern portion of Colorado’s Denver-Julesburg (DJ) Basin. The company’s assets, which are strategically located in Weld and Adams counties, are supported by long-term contracts with leading producers in the DJ Basin.
Discovery is currently constructing more than 120 miles of pipeline and a 60 million ft3/d natural gas processing plant, which is expected to come online in the third quarter of 2017. The company is expanding the plant capacity to 260 million ft3/d in 2018.
Through this transaction, Discovery gains access to the experience and insights of TPG’s energy team. The firm has a history of partnering with businesses that span the full energy value chain, through investments in companies such as EnLink Midstream, Copano Energy, Jonah Energy, and Northern Tier Energy.
Read the article online at: https://www.worldpipelines.com/business-news/26072017/discovery-midstream-acquisition-closed/
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