Basalt Establishes Black Bear Transmission
NEW YORK & HOUSTON--(BUSINESS WIRE) A fund managed by Basalt Infrastructure Partners II GP Limited (“Basalt”) announced today that it has completed the acquisition of Third Coast Midstream LLC’s natural gas transmission business. The Houston-based business will be rebranded as Black Bear Transmission.
“We are very excited to add Black Bear Transmission to our portfolio of infrastructure investments. This investment represents a rare opportunity to invest in a portfolio of demand-driven, regulated ‘last-mile’ natural gas pipelines serving utilities and other key end-user customers in the Southeast United States. The business is strategically positioned to capture continued industrial growth in the region,” said David Greenblatt, Partner of Basalt Infrastructure Partners LLC, exclusive investment Advisor to the Basalt funds.
“We are proud of the accomplishments our team has executed over the last several years in building out this portfolio of high-quality gas transmission assets in the Southeast United States,” stated Matt Rowland, Third Coast's President and Chief Executive Officer. “We congratulate Basalt on a successful closing and are confident our teams will execute a safe and smooth transition.”
Black Bear Transmission includes 7 regulated natural gas pipelines with total capacity of over 1,600 MDth per day, stretching approximately 550 miles. The pipelines are connected to 8 major long-haul pipelines, ensuring reliable gas supply to customers across Louisiana, Alabama, Mississippi, Tennessee and Arkansas.
The terms of the transaction are not being disclosed.
Barclays served as exclusive financial adviser to Basalt and Vinson & Elkins served as its legal adviser. RBC Capital Markets served as exclusive financial adviser to Third Coast and Orrick served as its legal adviser.