THE WOODLANDS, Texas, Dec. 2, 2015 /PRNewswire/ -- Navitas Midstream Partners, LLC ("Navitas") announced today that it has acquired natural gas gathering and processing assets serving Midland and Upton counties in Texas from a subsidiary of Apache Corporation. Terms of the transaction were not disclosed.
The assets acquired include approximately 114 miles of low and high pressure natural gas gathering pipelines ranging in size from 2-inches to 12-inches in diameter and a cryogenic processing plant, which has capacity of approximately 30 million cubic feet per day.
"We are excited to further expand our footprint in the core of the Midland Basin with an active, high quality producer such as Apache. This transaction marks our second natural gas gathering and processing acquisition in the area. The addition of these assets signals our continued confidence in the long-term growth potential of this basin," said R. Bruce Northcutt, Founder and Chief Executive Officer of Navitas. "Our team has a track record of successfully acquiring, expanding and operating assets in competitive basins."
The acquisition was financed with equity from Warburg Pincus, Navitas' private equity sponsor. This transaction follows the acquisition of assets from DCP Midstream, LLC in September of this year.
About Navitas Midstream Partners, LLC
Based in The Woodlands, Texas, Navitas Midstream Partners is a producer-focused midstream company. The senior management team has more than 80 years of combined experience and has executed more than $10 billion of capital projects and $2 billion of acquisitions. Led by R. Bruce Northcutt, along with partners Bryan W. Neskora and James E. Wade, Navitas was formed with Warburg Pincus. For more information, visit www.navitas-midstream.com.
About Warburg Pincus LLC
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $35 billion in assets under management. The firm's active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 14 private equity funds, including a $4 billion energy fund that closed in October 2014, which have invested more than $50 billion in over 720 companies in more than 35 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, Sao Paulo and Shanghai. For more information please visit www.warburgpincus.com.
William A. Byers
SOURCE Navitas Midstream Partners