M&A Deal Summary

EnCap Flatrock Midstream Acquires Cardinal Midstream II

On May 14, 2013, venture capital firm EnCap Flatrock Midstream acquired oil/gas exploration company Cardinal Midstream II for 200M USD

Acquisition Highlights
  • This is EnCap Flatrock Midstream’s 10th transaction in the Oil/Gas Exploration sector.
  • This is EnCap Flatrock Midstream’s 6th largest (disclosed) transaction.
  • This is EnCap Flatrock Midstream’s 11th transaction in the United States.
  • This is EnCap Flatrock Midstream’s 9th transaction in Texas.

M&A Deal Summary

Date 2013-05-14
Target Cardinal Midstream II
Sector Oil/Gas Exploration
Buyer(s) EnCap Flatrock Midstream
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 200M USD

Target

Cardinal Midstream II

Dallas, Texas, United States
Cardinal Midstream II is a midstream services company focused on providing exceptional service to customers. Primary services include natural gas and crude oil gathering, centralized compression, natural gas processing, and treating, and condensate stabilization and vapor recovery.

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Buyer(S) 1

Buyer

EnCap Flatrock Midstream

San Antonio, Texas, United States

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 2008
PE ASSETS 9.0B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

EnCap Flatrock Midstream is a private investment firm focused on venture related opportunities in the midstream energy sector. EnCap Flatrock seeks majority positions in natural gas gathering, treating, processing and storage; crude oil gathering and transportation; and natural gas liquids fractionation, storage and transportation. EnCap Flatrock Midstream is affiliated with investment firm EnCap Investments, a large diversified energy investment firm. EnCap Flatrock is based in San Antonio, Texas.


DEAL STATS #
Overall 11 of 29
Sector: Oil/Gas Exploration M&A 10 of 19
Type: Buyout (LBO, MBO, MBI) M&A Deals 9 of 13
State: Texas M&A 9 of 23
Country: United States M&A 11 of 29
Year: 2013 M&A 2 of 3
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-10 Rangeland Energy II

Sugar Land, Texas, United States

Rangeland II owns and operates the RIO System, a multipart crude oil and frac sand logistics systems. The system provides access and optionality to multiple crude oil producers and end markets and consists of the RIO Pipeline System and the RIO Hub. Rangeland Energy II was founded in 2013 and is based in Sugar Land, Texas.

Buy $200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-16 Gravity Midstream

Houston, Texas, United States

Gravity Midstream is serving the North American refining and distribution complex with supply, infrastructure and logistics solutions. Gravity Midstream is based in Houston, Texas.

Buy $150M