Private-equity firm Quantum Energy Partners formed Intensity Midstream LLC with more than $300 million in initial commitments, the company said June 8. Intensity will acquire, develop and operate high-quality midstream assets in North American basins.
Intensity’s founders are Joseph L. Griffin and Derek G. Gipson, Quantum said, noting that they contributed to the commitments.
Most recently, Griffin was president and CEO of Hiland Partners LP, while Gipson was executive vice president and CFO.
They helped make Hiland the largest provider of crude oil and natural gas midstream services in the Bakken until it was sold in February to Kinder Morgan Inc. for $3 billion, Quantum said. Griffin helped the company raise more than $2 billion in growth capital.
"We are excited to grow a producer-focused midstream company that will provide our customers with creative midstream solutions. We intend to bring responsiveness, quick decision making and solid execution to these solutions. We decided to partner with Quantum because of the firm's deep industry relationships, partnership orientation, shared core values and similar investing philosophy," said Griffin.
Intensity Midstream LLC is based in Tulsa, Okla.
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