Tailwater, Ares Unload Midstream Company Cureton
Energy and infrastructure private equity firm Tailwater Capital LLC and the private equity group of alternative asset manager Ares Management have sold Cureton Front Range LLC to Williams Field Services Group LLC, a subsidiary of natural gas processing and transportation-focused Williams Companies.
Financial terms of the transaction, which is expected to close in December, were not disclosed.
Tailwater and Ares initially invested in Denver-based Cureton in 2017 to pursue a greenfield midstream strategy in the DJ Basin in Colorado. Cureton’s asset base now consists of over 260 miles of low- and high-pressure pipelines, 109 MMcf/d of natural gas processing capacity and 64,000 horsepower of compression.
“Cureton has effectively expanded its presence in the oil-abundant rural landscape of the DJ Basin, emerging as a market leader thanks to its team’s substantial experience and strategic partnerships with oil and gas producers,” said Edward Herring, co-founder, managing partner of Tailwater Capital.
Cureton retained Evercore as its exclusive financial advisor in connection with the deal. Legal counsel was provided by Kirkland & Ellis. Williams received financial and legal advice from RBC Capital Markets and Davis Polk & Wardwell LLP in connection with the acquisition.