“BP Energy Partners to sell Pinnacle Midstream gathering and processing system in the Delaware Basin of West Texas to I Squared Capital”
BP Energy Partners, LLC (“BPEP”) and I Squared Capital are pleased to announce they have entered into a definitive agreement by which BPEP will sell Pinnacle Midstream, LLC (“Pinnacle”), a portfolio company of BPEP, to I Squared Capital through its ISQ Global Infrastructure Fund II. Pinnacle is a strategically located provider of crude and natural gas gathering, natural gas processing and related midstream solutions in the Delaware portion of the Permian Basin of West Texas. The newly built infrastructure serves multiple producers in an area with some of the highest rig activity in the United States. Pinnacle’s current management team will continue to run the company as it pursues its growth strategy. The transaction is expected to close following customary regulatory approvals.
RBC Capital Markets served as the exclusive financial advisor to Pinnacle in the transaction and Thompson & Knight LLP served as legal counsel to BPEP.