“Lucid Energy Goes to Riverstone, Goldman in Secondary Buyout” ; Jan. 8, 2018
EnCap Flatrock Midstream LP and portfolio company Lucid Energy Group LLC said Monday, Jan. 8; they will sell Lucid Energy Group II LLC to a joint venture controlled by affiliates of private equity firm Riverstone Holdings LLC and the merchant banking division of Goldman Sachs Group Inc. (GS) for $1.6 billion.
The move likely represents a lucrative exit for EnCap Flatrock, a San Antonio private equity firm that is a joint venture between EnCap Investments LP and Flatrock Energy Advisors LLC. The company made the largest investment in its nine-year history in February 2016 when it invested $350 million in Lucid Energy II.
Thompson & Knight LLP’S Sarah McLean represented EnCap Flatrock, while Lucid Energy II’s management team took legal counsel from Kirkland & Ellis LLP’s Adam Larson, Scott Price, Mark Dundon and Mark Ramzy.