“Kirkland advises ECP on $90M Ramaco coal investment”
Kirkland & Ellis LLP said Thursday it represented Energy Capital Partners Mezzanine LLC on its $90 million convertible preferred equity investment in metallurgical coal miner Ramaco Development LLC along with Yorktown Energy Partners XI LP. The team included Andrew Calder, William Benitez, Kyle Watson, Andrew Walker, Chad McCormick, Zachary Pullin, Donald Rocap, Tim Campany, Justin Solomon, Paul Tanaka, Stefanie Gitler and Michael Mahoney. Thompson & Knight LLP’s Ann Marie Cowdrey and Steptoe & Johnson LLP’s Roger Nicholson counseled Ramaco and Yorktown. Ramaco announced the investment Aug. 31. ECP and Yorktown join current owners Yorktown Energy Partners Fund IX and X and founders Randall Atkins and Michael Bauersachs. Formed in 2011, Ramaco focuses on metallurgical mining opportunities in the Eastern U.S. It plans to use the investment for infrastructure development and mining at its properties, which are expected to reach production of 4 million tons over the next several years. Ramaco claims it controls 200 million tons of recoverable coal reserves on its four properties, which includes Elk Creek in West Virginia. Yorktown has raised 11 private equity funds over the past three decades totaling $8 billion in capital while ECP has $13 billion in capital commitments.