(Source: MARKETWIRE)
Delphi Midstream Partners, LLC (DMP) has acquired a natural gas
gathering and compression system, the Mansfield System, located in
Tarrant County, Texas from Carrizo Oil & Gas, Inc. (Carrizo). The
Mansfield System has a current operating capacity of 70 mmcf per day
and can be expanded to 90 mmcf per day with additional compression.
In addition, DMP has the right to invest up to an additional $100
million to develop midstream infrastructure in Northeastern
Pennsylvania in support of Carrizo's Marcellus Shale development
plan.
Berenson & Co. acted as financial advisor to DMP for this transaction
and Bingham McCutchen served as counsel to DMP.
DMP was founded by Thomas F. Karam and Michael J. Walsh with an
equity commitment from American Securities, LLC (AS) in support of a
strategy to invest in and acquire up to $2 billion of midstream
energy sector companies and assets. Mr. Karam has more than 20 years
of energy sector experience, most recently serving as President & COO
of Southern Union Company (SUG), one of the largest natural gas
pipeline companies in North America. Mr. Walsh was a partner and
founding member of Highstar Capital before establishing DMP, where he
was responsible for Highstar's investments in the midstream energy
sector.
DMP is interested in midstream energy businesses and assets in North
America requiring a minimum equity investment of $50 million. DMP
typically seeks control positions, but will also consider joint
ventures or influential minority interests. The DMP business model is
to create long-term value in its investment companies through
operational and commercial excellence, organic and strategic growth
opportunities and management-investor alignment of interests.
About Delphi Midstream Partners, LLC
Delphi Midstream Partners, LLC (DMP) is a New York-based energy
investment company formed to acquire controlling or influential
minority interests in midstream energy companies and assets. DMP is
focused on businesses with sustainable market positions, managed
commodity exposure and opportunities for organic and strategic
growth. More information on DMP can be found at
www.delphimidstream.com.
About American Securities
Headquartered in New York with an office in Shanghai, American
Securities is a U.S. middle-market private equity firm that invests in
market-leading companies in North America with annual revenues
generally ranging between $100 million to $1 billion. Investments are
funded from more than $6 billion of committed capital. The firm
traces its roots to the family office founded in 1947 by William
Rosenwald to invest and manage his share of his family's Sears,
Roebuck & Co. fortune. More information on American Securities can be
found at www.american-securities.com.
Statements in this news release, including but not limited to the
transactions described above and the timing, effects, benefits and
consummation thereof, development of midstream infrastructure,
commitment of capital and other statements that are not historical
facts are forward-looking statements that are based on current
expectations. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include the failure of either party to satisfy closing conditions, or
to take other actions required to consummate the transactions,
satisfactory completion of DMP's due diligence, future market and
regulatory conditions, satisfaction of conditions for future capital
commitments, future economic conditions, results of oil and gas
operations and the level of demand for and production of natural gas.
Business Opportunities Contact:
Michael Walsh
Email Contact
(212) 476-8061
Media Contact:
Anne Board
Email Contact
(212) 476-4967
SOURCE: Delphi Midstream Partners
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