Nuevo Midstream Dos LLC secured $400 million in initial equity from private-equity firm EnCap Flatrock Midstream and management, the company said April 9.
Nuevo Dos provides midstream services across North America. It was formed earlier in 2015, the company said. Its management team also founded Nuevo Midstream LLC, the predecessor.
Nuevo Midstream, working in the Delaware Basin, was also backed financially by EnCap Flatrock. It was sold to Western Gas Partners LP in 2014 for $1.5 billion.
“EnCap Flatrock has been an outstanding, value-added equity partner, and we look forward to building another successful midstream company with them,” said Randy Ziebarth, president and CEO.
Ziebarth succeeded Jay Ledrum in the roles. Previously, he served as Nuevo Midstream’s senior vice president and COO.
“We have a long-standing and productive relationship with the Nuevo Dos team,” said Dennis Jaggi, managing partner at EnCap Flatrock. He is also a member of the Nuevo Dos board of directors.
“The entire team has an outstanding reputation in the producer community for its execution capabilities and devotion to service, which produces strong results for customers. We are excited to partner with them for a second time,” he added.
Houston-based Nuevo Dos was advised by Locke Lord LLP. EnCap Flatrock was advised by Thompson & Knight LLP.
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