Enstor Gas, the gas storage company, has been acquired by the Infrastructure Investments Fund, an investment firm advised by J.P. Morgan Investment Management Inc., from an affiliate of ArcLight Capital Partners. The financial terms of the transaction have not been disclosed.
Enstor will continue to manage its gas storage facilities and company through its executive team and its headquarters will remain in Houston.
Enstor CEO Paul Bieniawski said, “Today’s transaction is a tribute to the strength of our assets in the U.S. gas storage market, our employees’ strong track record of safe, efficient operations and their dedication to the communities in which we operate. It is because of their hard work that Enstor is the leading U.S. natural gas storage company.”
RBC Capital Markets acted as financial advisor and Milbank LLP served as legal advisor to IIF. Jefferies LLC acted as financial advisor and Orrick Herrington & Sutcliffe LLP served as legal advisor to ArcLight.