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Announced

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EnCap Flatrock Midstream completed a $300m investment in Cardinal Midstream Partners.

Financials

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Transaction Value£229m
Consideration TypeCash
Capital Owned-
Capital Bid For-
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Private

Gas Distribution

Minority

Acquisition

United States

Domestic

Completed

Private Equity

Friendly

midstream company

Single Bidder

Synopsis

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EnCap Flatrock Midstream, a venture capital firm, completed a $300m investment in Cardinal Midstream Partners, an independent midstream company. “EnCap Flatrock has been a trusted and valued partner to me for over a decade and I am excited to continue as we work together to grow Cardinal Midstream Partners. We believe that clean burning natural gas will continue to play an important role in the energy mix, driving global demand, upstream production, and accompanying midstream infrastructure. We look forward to being part of the energy solution, aggressively pursuing a hybrid strategy focused on natural gas gathering and processing, and carbon capture and sequestration," Doug Dormer, Cardinal CEO.

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