Private-equity firm EIV Capital said May 11 that it closed the $40 million investment to form Woodland Midstream LLC.

The equity will finance the buildout and acquisition of natural gas pipeline and processing infrastructure in East Texas and nearby states, the firm added. Woodland will focus on operations and commercialization of midstream assets.

Richard Wright and Curtis Stevens lead Woodland with more than 45 years’ combined experience. Prior to founding Woodland, they worked for at Azure Midstream and its predecessors for more than 10 years, handling business development, gas supply initiatives and gathering, compression, treating and processing operations, respectively.

“We look forward to working with a proven capital provider who has extensive experience both investing in and operating companies in the midstream space as we continue to develop our transparent, service based partnerships with independents in the region. We believe our experience and size will allow us to be competitive on pricing, timing and level of engagement with our customers,” Wright said.

Woodland Midstream LLC is based in The Woodlands, Texas.

EIV Capital is based in Houston.