Enterprise Products Partners LP (NYSE: EPD) has acquired 100 percent of the interest in Navitas Midstream Partners LLC for $3.25 billion from Navitas Midstream Partners Holdings LLC, a portfolio company of Warburg Pincus LLC, a global growth investor.
Navitas is a provider of natural gas gathering, treating and processing services in the Midland Basin. The firm’s assets include 1,750 miles of pipeline and over 1 billion cubic feet per day of cryogenic natural gas processing capacity.
“We are excited to contribute our unique Midland Basin system to Enterprise, one of the premier midstream operators,” added R. Bruce Northcutt, CEO of Navitas. “We have succeeded in our goal of creating a unique company that provides critical infrastructure to meet the needs of our Midland Basin producers.”
“We are incredibly proud to have supported Navitas through a transformative period of growth,”said Peter Kagan, managing director, Warburg Pincus. “Over the course of our partnership, Navitas added approximately 750 miles of new pipeline and over 1 Bcf/d of new processing capacity in the core of the Midland Basin during a difficult time for the industry.”
Jefferies LLC served as financial advisor to Navitas in connection with the transaction, and Kirkland & Ellis served as legal advisor.