DENVER, Nov. 2, 2023
/PRNewswire/ -- Tailwater Capital LLC ("Tailwater"), an energy and
growth infrastructure private equity firm, and a fund managed by
the Private Equity Group of Ares Management ("Ares"), a leading
global alternative investment manager, today announced that they
have signed definitive agreements to sell Cureton Front Range LLC
("Cureton" or the "Company") to Williams Field Services Group, LLC
("Williams"), a subsidiary of The Williams Companies, Inc. (NYSE:
WMB), with an expected close in December
2023, subject to regulatory approvals.
"This transaction represents yet another step forward for our
team and positions Cureton for its next chapter of growth while
holding true to our commitment to deliver the highest quality of
service to our customers and communities in which we operate," said
Charlie Beecherl, President and
Chief Executive Officer of Cureton. "I want to express profound
gratitude to our exceptional team, whose remarkable work ethic,
shared values, and commitment to our company's culture were pivotal
in driving the successful sale of our business. We are also
thankful for Tailwater's and Ares' steadfast support as we
navigated a constantly evolving market landscape. As we look to the
future, we are confident our assets remain in capable hands with
Williams and are poised for an exciting trajectory of growth in
combination with Williams' existing asset base. Finally, I want to
thank our customers who have been incredible partners these past
six years, we appreciate your support."
Tailwater and Ares initially invested in Cureton in 2017 to
pursue an anchored greenfield midstream strategy in the DJ Basin in
Colorado. Cureton's initial
project started with an acreage dedication from a single private
producer and culminated in the successful development of a premier
multi-customer midstream gathering and processing platform.
Cureton's asset base now consists of over 260 miles of low and high
pressure pipelines, 109 MMcf/d of natural gas processing capacity,
64,000 horsepower of compression, and is underpinned by long-term
contracts from blue-chip operators covering more than 200,000
dedicated acres and over two million acres of AMIs.
"We commend the Cureton team for the success they have
demonstrated over the course of our partnership," said Edward Herring, Co-Founder and Managing Partner
of Tailwater Capital. "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."
"Cureton has continued to strategically enhance its operations,
create a capital-efficient business, and demonstrate unwavering
dedication to its customers, communities, and people," said
David Cecere, Partner of Tailwater
Capital. "Given the continued need for scale in the midstream
sector, we believe it is an optimal time to monetize the business
and are excited to provide another strong return for our
investors."
"We are very proud of the many accomplishments that the Cureton
team has achieved throughout our partnership," said Robert Kimmel, Partner in the Ares Private
Equity Group. "We believe that the company remains well positioned
and we wish Williams every success in shepherding this next phase
of Cureton's growth."
Evercore served as the exclusive financial advisor to Cureton in
connection with the transaction. Kirkland & Ellis served as
legal counsel. RBC Capital Markets served as financial advisor and
Davis Polk & Wardwell LLP served
as legal advisor to Williams in connection with the
transaction.
About Cureton Midstream
Cureton is a Denver-based, growth-oriented midstream
company focused on providing creative and transparent commercial
solutions to oil & gas producers in the DJ Basin. Cureton was
founded in 2016, and the management team brings substantial
experience in engineering, constructing, and operating assets
across the United States. For
additional information on the company, please visit
www.curetonmidstream.com.
About Tailwater Capital
Dallas-based Tailwater Capital is an energy
and growth infrastructure private equity firm with a
well-established track record of working constructively with proven
management teams to deliver value-added solutions. Tailwater has
raised more than $4.5 billion in
committed capital since inception and the team has executed more
than 100 transactions representing over $23
billion in value. For more information, please visit
www.tailwatercapital.com.
About Ares Management Corporation
Ares Management
Corporation (NYSE: ARES) is a leading global alternative investment
manager offering clients complementary primary and secondary
investment solutions across the credit, private equity, real estate
and infrastructure asset classes. We seek to provide flexible
capital to support businesses and create value for our stakeholders
and within our communities. By collaborating across our investment
groups, we aim to generate consistent and attractive investment
returns throughout market cycles. As of September 30, 2023, Ares Management Corporation's
global platform had approximately $395
billion of assets under management, with approximately 2,800
employees operating across North
America, Europe,
Asia Pacific and the Middle East. For more information, please
visit www.aresmgmt.com.
Contact
Tailwater Capital
Jill
McMillan
Managing Director, Communications & Public Affairs
Phone: 214-489-7047
Email: jmcmillan@tailwatercapital.com
John Schaufele
Managing Director, Investor Relations & Fundraising
Phone: 214-489-7043
Email: jschaufele@tailwatercapital.com
Ares Management Corporation
Brittany Cash
Managing Director, Co-Head of Corporation Communications
Phone: 212-301-0347
Email: bcash@aresmgmt.com
Forward-Looking Statements
Includes non-Tailwater controlled capital pursuant to the
Tailwater led management buyout processes for which Tailwater
provides management related services.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cureton-midstream-announces-sale-to-williams-301975820.html
SOURCE Tailwater Capital