Sector-focused private equity firm Riverstone Holdings has partnered with midstream logistics company Bridger to invest up to $300m in the company’s growth strategy.
Bridger’s management team consists of its founders, James Ballengee, Julio Rios and Jeremy Gamboa, who will be investing alongside Riverstone.
Bridger’s integrated crude oil-focused midstream infrastructure platform provides logistics and marketing services, with 300 crude-hauling trucks, 12 pipeline injection stations, 140,000 barrels of crude storage, two pipelines and additional pipeline capacity, 530 rail tank cars and 45,000 barrels per day of rail loading and unloading capacity connecting oil production to premium end markets.
Its operations span all major domestic crude oil production regions and basins, such as the Bakken, Rockies, Niobrara, Mid-Continent, Gulf Coast, Permian and Eagle Ford.
Andrew Ward, a partner at Riverstone, said, “With an established and growing footprint of crude logistics assets in the major domestic oil-producing basins, an emerging presence in areas of newer production and an outstanding management team, Bridger is well positioned to capitalise on the increasing demand for crude oil infrastructure and transportation throughout the United States and beyond.”
The firm recently closed Riverstone Global Energy & Power V on $7.7bn, far ahead of the initial $6bn target. But the journey was a longer one than expected, with AltAssets revealing in December the firm expected to break through its target and to continue fundraising until mid-February.
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