Sage Midstream Ventures Receives $500mm Equity Commitment From Stonepeak Infrastructure Partners

Sage Midstream Ventures Receives $500mm Equity Commitment From Stonepeak Infrastructure Partners

 

Sage Midstream Ventures, LLC (“Sage”) announced today that it has received an equity commitment of up to $500mm from Stonepeak Infrastructure Partners (“Stonepeak”), a private equity firm focused on infrastructure investments in the energy, power & renewables, transportation, utilities, water and communications sectors, to pursue midstream acquisition and development opportunities throughout North America’s energy industry.

 

Headquartered in Houston, Texas, Sage is led by President Greg Bowles, Vice President of Business Development John Steen, Vice President of Engineering and Operations Nick Cocavessis, and Vice President of Finance Vlad Klenikov.  Mr. Bowles was previously Executive Vice President of Lone Star NGL, a division of Energy Transfer Partners, L.P., where he was responsible for all commercial operations and development.  While at Lone Star NGL, Mr. Bowles and Mr. Steen developed over $1 billion of energy infrastructure projects.  The four principals have extensive experience in the acquisition, development, construction, and operation of midstream energy infrastructure.

 

Sage will pursue acquisition and development opportunities across the hydrocarbon value chain, including natural gas, natural gas liquids, crude oil, petrochemicals and refined products, with a broad focus on transportation, processing, fractionation, storage and marketing services.

 

Mr. Bowles said, “We are thrilled to have partnered with Stonepeak to pursue energy infrastructure projects and believe there is a tremendous amount of opportunity in today’s energy markets.  We look forward to leveraging our combined expertise and resources to create a significant asset footprint that enables us to provide outstanding service to domestic and international producers and consumers of energy products.”

 

Michael Dorrell, Senior Managing Director and co-founder of Stonepeak, added, “The Sage management team has extensive experience across the oil & gas midstream sector and we are delighted to partner with them as they pursue investments in North American energy infrastructure. We believe the current market environment will present a wide range of opportunities for Sage and we look forward to a successful long term partnership.”

 

Concurrent with the closing, Jack Howell, Luke Taylor and Forrest Wylie will join Sage’s board of directors.

 

Sidley Austin LLP was Stonepeak’s legal counsel.  Willkie Farr & Gallagher LLP was Sage management’s counsel.

 

About Sage Midstream Ventures, LLC

Headquartered in Houston, Texas, Sage Midstream is a privately held company with a focus on acquiring and developing midstream energy infrastructure.  Sage offers the entire value chain of midstream services including gathering and processing, long-haul transportation, storage, fractionation, and marketing. Sage is backed by an equity commitment from Stonepeak Infrastructure Partners and Sage management.

For more information, visit www.sagemidstream.com.

 

About Stonepeak Infrastructure Partners

Stonepeak Infrastructure Partners (www.stonepeakpartners.com) is a North America focused private equity firm with a conservative yet opportunistic approach to infrastructure investing. Stonepeak invests in businesses comprised of hard assets with leading market positions primarily in the following sectors: Energy, Power and Renewables, Transportation, Utilities, Water and Communications.