March18, 2015 [OPIS] - Moda Midstream, a liquids terminaling and logistics provider, said on Tuesday that it has secured an initial equity commitment of $750 million from EnCap Flatrock Midstream and the Moda management team.
Moda was formed earlier this year to provide independent terminaling, storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids.
Moda’s expertise includes deep-water vessel loading and unloading, storage, blending, processing and pipeline operations.
Moda Midstream is led by the team that includes Moda President and CEO Ken Owen, Senior Vice President of Commercial and Business Development Bo McCall, Senior Vice President and CFO Jon Ackerman and Senior Vice President and COO Javier del Olmo.
Moda’s founding partners have more than 70 years of combined energy industry experience and worked together as members of the executive team at Oiltanking North America LLC and its publicly traded affiliate, Oiltanking Partners LP.
OPIS notes that Oiltanking Partners, which has oil terminal assets on the Gulf Coast, was acquired by Enterprise Products Partners for $6 billion last year.”There continues to be strong demand for North American bulk liquids storage infrastructure, particularly for facilities that have excellent import-export deepwater capabilities and pipeline, truck and rail connectivity,” said Owen.
“EnCap Flatrock’s long-term commitment gives us the financial flexibility we need to build an integrated logistics platform through greenfield projects and asset acquisitions,” Owen said.
EnCap Flatrock Midstream provides private equity capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments and Flatrock Energy Advisors. Based in San Antonio with offices in Oklahoma City and Houston, EnCap Flatrock is led by Managing Partners William D. Waldrip, Dennis F. Jaggi and William R. Lemmons Jr.
The firm manages investment commitments of nearly $6 billion from a broad group of institutional investors. EnCap Flatrock is making commitments to new management teams from EFM Fund III, a $3 billion fund.
