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Warburg Pincus inks $500m for Navitas Midstream Partners

6 Jun 2014

oil well drillGlobal private equity firm Warburg Pincus has agreed to lead a line-of-equity investment of up to $500m in Navitas Midstream Partners.

Warburg Pincus is joined by members of the management team and other individuals in this investment. Navitas seeks to develop, acquire, and operate midstream assets across multiple basins in North America.

Navitas is led by R Bruce Northcutt who served as the president and CEO of Copano Energy, until its sale to Kinder Morgan Energy Partners for approximately $5bn in May 2013. Northcutt is joined by partners Bryan Neskora and James Wade, who were senior members of management at Copano. Neskora served as Copano’s COO and previously as senior vice president at El Paso Corp. Wade served as Copano’s president and COO of the Texas business unit and previously as senior vice president of Southern Union Energy Services.

All three previously served as executives-in-residence at Warburg Pincus, where they worked in the early stages of the company’s development.

In Seon Hwang, managing director at Warburg Pincus said, “We are pleased to partner with Navitas’ best-in-class management team and to leverage their industry leadership and successful track record to build a business of scale. With our producer-focused, long-term orientation to develop and operate assets, we believe Navitas is well-positioned to become a leading player in the North American midstream landscape.”

Warburg Pincus has invested or committed over $9.5bn across more than 50 energy investments around the world involved in oil and gas exploration and production, midstream, downstream, power generation, oilfield technology and related-services, mining and alternative energy development. Investments include Antero Resources, Bill Barrett Corporation, Broad Oak Energy, Encore Acquisition Company, Kosmos Energy, Laredo Petroleum, MEG Energy, Newfield Exploration, Spinnaker Exploration and Targa Resources.

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