© 2015 The Texas Lawbook.
By Natalie Posgate
(April 19) – Houston-based private equity firm Stonepeak Infrastructure Partners said Monday that it has backed a new management team to form a new midstream portfolio company with a $500 million investment.
The new Houston-based company, Sage Midstream Ventures, will pursue acquisition and development opportunities across the hydrocarbon value chain, including natural gas, natural gas liquids, crude oil, petrochemicals and refined products. It will have a broad focus on transportation, processing, fractionation, storage and marketing services.
Houston partner Michael De Voe Piazza of Willkie Farr & Gallagher led the deal for Sage and received assistance from Houston associate J. Clay Brett.
Stonepeak General Counsel Adrienne Saunders turned to Cliff Vrielink, a partner in Sidley Austin’s Houston office, to lead its end of the deal. Houston-based Sidley colleagues Vrielink received assistance from included corporate associates Katy Lukaszewski and Lindsey Jaquillard and tax partner Tim Devetski and associate Omair Khan. Chicago associate Teresa Reuter handled labor & employment matters.
Last month, Vrielink advised Stonepeak when it led a group of preferred investors that acquired Series A Preferred Stock from Houston-based Targa Resources Corp. for $1 billion.
Sage is headed by Greg Bowles, who will serve as president. Before joining Sage, Bowles was the executive vice president of Energy Transfer’s Lone Star NGL, a joint venture between Energy Transfer Partners and Regency Energy Partners. While at Lone Star, Bowles and John Steen, Sage’s vice president of business development, developed more than $1 billion of energy infrastructure projects.
Concurrent with the closing of the equity commitment, some of Stonepeak’s leadership will join Sage’s board of directors.
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