Edgewater Midstream landed an initial capital commitment of $400 million from EnCap Flatrock Midstream and the Edgewater management team.
Edgewater was formed in late 2019 to provide independent midstream logistics solutions to refiners, producers and marketers of crude oil, refined products and other bulk liquids. The company will focus on the acquisition, development and operation of pipeline and terminal solutions between and in proximity to major North American petroleum trading hubs and demand centres.
“Changing dynamics in the North American petroleum market present attractive opportunities for Edgewater,” said Chief Executive Officer Stephen Smith. “We are thrilled to partner with an experienced, strategic investor like EnCap Flatrock Midstream. In addition to a large financial commitment, EnCap Flatrock’s significant midstream industry expertise, relationships and successful track record provide a formidable platform to support Edgewater’s growth.”
“Of primary importance, our culture, goals and approach to value creation and risk management are aligned,” Smith added. “When forming Edgewater, we recognised that societal, technological and policy trends are reshaping the arena in which traditional oil and gas midstream businesses operate. Our team embraces new technologies and environmentally sustainable practices.”
“We are excited to be working with Edgewater Midstream,” said EnCap Flatrock Managing Partner Gregory C. King, who is also an Edgewater board member. “Our partnership with Stephen, Brian and Mike is illustrative of our strategy of supporting outstanding leaders with superb track records and integrity. We look forward to supporting the Edgewater team as it builds an independent midstream business focused on the demand end of the value chain.”
For more information visit www.edgewatermidstream.com