SAN ANTONIO—Cavalcade Midstream, a newly formed, full-service midstream company, said Dec. 12 that it has received a total equity commitment of $150 million from Pearl Energy Investments, Old Ironsides Energy, and NGP. Based in San Antonio, Cavalcade is focused on providing tailored midstream solutions through greenfield development and strategic M&A, initially in the Permian Basin.
Cavalcade is led by three founding partners, Rich Reynolds, Hunter Thunell, and Ross Dillon, who previously worked together at NuStar Energy LP.
Reynolds, Cavalcade’s CEO, was most recently focused on all legal aspects of NuStar’s Permian Basin business, as well as its domestic and international M&A activity. Before NuStar, Reynolds was vice president and associate corporate counsel for Frost Bank. Thunell, Cavalcade’s president and chief commercial officer, most recently focused on strategic and new producer relationships for NuStar in the Permian Basin, while previously sourcing, analyzing and managing NuStar’s M&A activity in corporate development. Prior to NuStar, Thunell worked for Bank of America and Bank of Tokyo, specializing in natural resources. Dillon, Cavalcade’s COO, most recently managed NuStar’s strategic capital project portfolio in the Permian Basin. Prior to that, he held various engineering and operations leadership roles for Kinder Morgan and El Paso Energy.
“Pearl is excited to partner with Rich, Hunter and Ross. Our equity commitment and partnership with NGP and Old Ironsides reflect the confidence we have in the Cavalcade team,” said Billy Quinn, Managing Partner and Co-Founder of Pearl.