The recent decline in M&A activity in energy and especially in the previously redhot midstream sector has limited the viable exit opportunities for most sponsor-backed midstream oil, gas or water portfolio companies in the near term. But this temporary period creates an ideal environment for sponsors and management to take an introspective look at their portfolio companies and begin preparing for their eventual sale, once the oil and gas industry has recovered and the M&A market has stabilized . . .
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