Investment Summary

EnCap Flatrock Midstream Invests In Cardinal Midstream

On April 21, 2022, venture capital firm EnCap Flatrock Midstream invested in oil/gas exploration company Cardinal Midstream

Investment Highlights
  • This is EnCap Flatrock Midstream’s 19th transaction in the Oil/Gas Exploration sector.
  • This is EnCap Flatrock Midstream’s 29th transaction in the United States.
  • This is EnCap Flatrock Midstream’s 23rd transaction in Texas.

Investment Summary
Date 2022-04-21
Target Cardinal Midstream
Sector Oil/Gas Exploration
Investor(s) EnCap Flatrock Midstream
Deal Type Growth Capital
Advisor(s) Akin Gump Strauss Hauer & Feld (Legal)

Target

Cardinal Midstream

Dallas, Texas, United States
Cardinal Midstream is an independent midstream company focused on the acquisition and development of natural gas gathering and processing opportunities, as well as congruent carbon capture and sequestration. Cardinal Midstream was founded in 2022 and is based in Dallas, Texas.

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Investor(S) 1

Investor

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 29 of 29
Sector (Oil/Gas Exploration) 19 of 19
Type (Growth Capital) 15 of 15
State (Texas) 23 of 23
Country (United States) 29 of 29
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-16 Nuevo Midstream Dos

Houston, Texas, United States

Nuevo Midstream Dos is specialized in design, building and operating world-class midstream systems and delivers superior service to oil and gas producers across North America. Nuevo Dos pursued organic and strategic acquisition opportunities across North America. Nuevo Midstream Dos was formed in 2015 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-27 Lotus Midstream

Sugar Land, Texas, United States

Lotus Midstream is an independent energy company focused on organic development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to market. Lotus also is pursuing strategic acquisition opportunities. The company’s mission is to leverage the management team’s thorough understanding of the crude oil value chain to identify optimal markets for supply and demand to maximize producer netbacks. Lotus Midstream was founded in 2018 and is based in Sugar Land, Texas.

Sell $1.5B
Mergr

Product

Company

Legal