Sunday, July 21, 2024
spot_img
HomeNewsBusiness WireCanes Midstream Announces Acquisition of Cogent Midstream

Canes Midstream Announces Acquisition of Cogent Midstream

With fresh capital, Canes will be well positioned to grow Cogent’s Midland Basin footprint and provide producers with best-in-class service

DALLAS–(BUSINESS WIRE)–Canes Midstream LLC (“Canes”), a Dallas-based portfolio company of EIV Capital and Denham Capital, has closed on the acquisition of Cogent Midstream LLC (“Cogent”). The Cogent assets, located in the Southern Midland Basin, include 520 million cubic feet per day of processing capacity, over 800 miles of pipelines, 42 compressor stations, a crude oil gathering system, and substantial acreage dedications from a diverse group of Midland Basin-focused producers. The Cogent system spans 10 counties in the Midland Basin, with the bulk of the infrastructure in Reagan and Irion counties.

Scott Brown, Founder and CEO of Canes, stated, “I was with these assets at inception and am excited to return and continue to grow them. With our newer facilities and the significant capital invested by Cogent to date, we are well positioned to grow the system and provide best-in-class midstream services to our existing and future customers. I believe Canes will be the preferred midstream service provider in the Southern Midland Basin.”

“We are thrilled to expand our partnership with Canes and are confident Scott’s familiarity with the team and assets position the Cogent system to be the midstream provider of choice in the area. With fresh capital, Canes will continue to expand the system and support Permian production growth,” said Greg Davis, Partner at EIV.

James Obulaney, Managing Director of Denham, said, “Canes, via this acquisition, is well positioned to drive differentiated outcomes for area producers. We look forward to supporting Scott and team as they grow this tier-1 system to service new and existing customers in the Permian Basin.”

Wells Fargo Securities, LLC acted as exclusive financial advisor and Sidley Austin LLP acted as corporate counsel to Canes. BofA Securities served as exclusive financial advisor to Cogent.

About Canes Midstream LLC

Headquartered in Dallas, TX and founded in 2019, Canes Midstream LLC is a midstream oil and gas company that offers a full suite of midstream services to our customers. Canes’ management has been focused on gas gathering and processing as well as crude oil gathering their entire careers. For more information, visit www.canesmidstream.com.

About EIV Capital

Founded in 2009, EIV Capital is a Houston, Texas-based private equity firm specializing in providing growth equity to the North American energy industry. EIV Capital focuses on investments in businesses which create value through infrastructure, innovation or efficiency. The firm’s management has extensive experience leading and investing in successful companies across the energy value chain. For more information, visit www.eivcapital.com

About Denham Capital

Denham Capital is a leading energy, resources and sustainable infrastructure-focused investment firm with more than $12 billion of invested and committed capital across multiple fund vehicles since inception, and offices in London, Boston, Houston, Toronto, Jersey City, and Perth. The firm makes direct equity and debt investments in the energy, resources and infrastructure sectors, including businesses involving renewable power, energy resource development, and mining, across the globe. Denham’s investment professionals apply deep operational and industry experience and work in partnership with entrepreneurs and management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

Contacts

Canes Midstream LLC
Meredith Hargrove Howard

Redbird Communications Group

meredith@redbirdpr.com
210-737-4478

spot_img
RELATED ARTICLES
spot_img
spot_img
spot_img

Caribbean News

UN rights chief concerned over polarization, inequality, racism – Guatemala

NEW YORK, USA - The UN High Commissioner for Human Rights on Friday highlighted changes and ongoing challenges in Guatemala – including corruption, racism...

Global News

ICJ: Israel’s continued occupation of Palestinian territory ‘unlawful’

The HAGUE - The UN International Court of Justice (ICJ) on Friday declared that Israel’s continued presence in the Occupied Palestinian Territory “is unlawful”,...