Permico Founders LLC, has purchased Permico Midstream Partners LLC, from GulfStar Group through a process administered under Chapter 11 of the United States Bankruptcy Code.

Permico Midstream is a startup oil and gas firm focused on developing assets to transport and process natural gas liquids in Texas. GulfStar is an investment bank that has completed 750 transactions across industries.

“This collaborative approach was conducive to the successful closing of this sale transaction and will enable development of this major project to continue,” said Bryan Frederickson, managing director of GulfStar. “This result was achieved through complex and protracted negotiation and compromise that required good faith efforts all around.”

The GulfStar team was led by managing director Bryan Frederickson with support from senior vice president Charles Craig, associate Andrew Winters and analyst Luis Barrera. GulfStar served as financial advisor to Permico Midstream.