THE WOODLANDS, Texas, July 20, 2015 /PRNewswire/ -- Five Point Capital Partners LLC ("Five Point") today announced the formation and funding of EVX Midstream Partners ("EVX"), with a $75 million equity commitment from Five Point Capital Midstream Fund II L.P. EVX is focused on the development of crude oil, natural gas, and produced water gathering, processing, treating and transportation assets in the Permian Basin, Eagle Ford, and Mid-Continent.
EVX is led by its three founders: Herb Chambers IV, President and CEO; Charlie Flynn, Chief Operating Officer; and Brian Kellar, Chief Financial Officer. The EVX leadership team has a demonstrated record of success, with over 50 years of collective experience originating transactions and projects, structuring and developing midstream assets, and operating assets post-acquisition or project completion.
Mr. Chambers said, "We are proud to partner with Five Point in the creation of EVX, which is committed to providing our producer customers with innovative solutions and the highest levels of service. We see significant opportunities for independent midstream energy companies like ours, and with its combination of industry and financial expertise, Five Point is the ideal partner to help us build our business."
Matt Morrow, COO and Managing Partner of Five Point, said, "EVX is led by a first-class team of executives with an extensive track record of success and strong relationships throughout the upstream sector. Five Point's investment strategy centers on aligning ourselves with partners like EVX for the long term."
David Capobianco, CEO and Managing Partner of Five Point, said, "Future demand for infrastructure remains irrefutable, and Five Point is well-positioned to capitalize on producers' needs in the midstream energy space. Despite current crude pricing, the addressable market for Five Point is expanding as upstream operators focus their limited capex on drilling and development rather than building midstream assets. We will continue to opportunistically deploy capital through partnerships with industry-leading executives and asset acquisitions that fall squarely within the firm's strategy."
About EVX Midstream
EVX Midstream Partners LLC is a midstream development company focused on acquiring, developing and operating crude oil, natural gas, and produced water gathering, processing, treating and transportation assets. EVX was founded by Herb Chambers IV, Charlie Flynn and Brian Kellar, in partnership with Five Point Capital Partners LLC. For more information, please visit www.evxmidstream.com.
About Five Point Capital Partners LLC
Five Point Capital Partners is a private equity firm focused on midstream energy infrastructure and energy sector investments across North America. Five Point's investment strategy is to partner with, develop and support strong management teams through buyouts and growth capital investments within the midstream energy sector. Based in The Woodlands, Texas, Five Point is currently investing from Five Point Capital Midstream Fund II L.P. and manages more than $450 million of capital commitments. For further information, please visit www.fivepointcp.com.
SOURCE Five Point Capital Partners