Newly formed, full-service midstream company, Cavalcade Midstream, has received a total equity commitment of $150m from Pearl Energy Investments, Old Ironsides Energy, and NGP. Based in San Antonio, Cavalcade is focused on providing tailored midstream solutions through greenfield development and strategic M&A, initially in the Permian Basin.
Cavalcade is led by three founding partners, Rich Reynolds, Hunter Thunell, and Ross Dillon, who previously worked together at NuStar Energy L.P. (NuStar). Cavalcade’s founders have a history of success across multiple basins, including the Permian and Eagle Ford, and with multiple product streams, including crude oil, natural gas and refined products.
“We are honoured to partner with Pearl, Old Ironsides and NGP, three preeminent investment firms in the energy business,” said Rich Reynolds, Cavalcade Chief Executive Officer. “The Cavalcade team has a long and successful history working together and we are confident that our experience, coupled with our strong financial sponsors, will enable us to create value, providing creative, flexible, and reliable midstream solutions for our customers.”
17th December 2018