Alberta Investment Management Corp., an institutional investment manager with over $150 billion of assets under management, has acquired a stake in Howard Energy Partners, a San Antonio-based energy company focused on providing midstream services, from Astatine Investment Partners.
HEP is an energy business with strategically located midstream and downstream assets in the U.S. where fixed-fee contracts make up the majority of revenues. AIMCo acquired an initial 28 percent stake in HEP in 2017. HEP management and other minority investors will continue to hold a 13 percent ownership interest in the company.
“We are excited to make further investment in Howard Energy and to grow our global portfolio of high-quality energy infrastructure assets on behalf of our clients,” comments Ben Hawkins, executive managing director and head of infrastructure, renewables & sustainable investing at AIMCo.
TPH & Co. served as financial advisor and Kirkland & Ellis LLP served as legal advisor to AIMCo on the transaction.