Newly formed midstream company Cavalcade Midstream has secured a $150 million partnership with Peal Energy Investments, Old Ironsides Energy and NGP.
Led by three founding partners, Rich Reynolds, Hunter Thunell and Ross Dillion, all of whom previously worked together at NuStar Energy, Cavalcade is focused on providing tailored midstream solutions through greenfield development and strategic M&A, initially in the Permian Basin.
CEO Reynolds says: ‘We are honoured to partner with Pearl, Old Ironsides and NGP, three pre-eminent investment firms in the energy business. The Cavalcade team has a long and successful history working together and we are confident that our experience, coupled with our strong financial sponsors, will enable us to create value, providing creative, flexible, and reliable midstream solutions for our customers.’
‘We welcome Cavalcade’s creative and innovative approach to the midstream business and look forward to supporting this highly talented team as they execute their strategy,’ adds Sean O’Neill, co-founder and managing partner of Old Ironsides.