Astatine Investment Partners Successfully Exits HEP Catalyst InvestCo Investment
April 30 2024 - 9:15AM
Business Wire
Astatine Investment Partners (“AIP” or “Astatine,” formerly
Alinda Capital Partners), a leading private equity firm focused on
infrastructure investments, today announced the successful exit of
its investment in HEP Catalyst InvestCo, a joint venture that
indirectly owns a 50% stake in an oil gathering and gas processing
system in the Permian Basin, to one of its joint venture partners,
Howard Energy Partners, a diversified midstream energy company
headquartered in San Antonio, Texas.
HEP Catalyst InvestCo (“Catalyst”) owns 50% of Catalyst
Midstream Partners, which owns and operates an oil gathering
pipeline system and three gas processing plants in the Delaware
Basin of the greater Permian Basin. Funds managed by Astatine
Investment Partners acquired an interest in Catalyst in 2017, when
Catalyst was formed as a joint venture with Howard Midstream Energy
Partners (“Howard”). Devon Energy (“Devon”) is the anchor producer
and retains the remaining 50% interest in Catalyst Midstream
Partners.
Since 2017, Catalyst Midstream Partners, led by Howard as
developer and operator of the system, grew from a small oil
gathering system to a comprehensive gathering and processing
complex with three cryogenic processing facilities capable of
receiving 600 million cubic feet per day of natural gas for several
prominent upstream producers. Astatine’s exit of Catalyst marks the
second investment alongside Howard; Astatine also owned a large
stake in Howard from 2013 to 2022.
“Howard has been one of our longest standing relationships. The
sale of our interest in Catalyst completes the journey of growth
from the construction stage of a single plant underpinned by a
contract to a comprehensive midstream system. We wish Mike Howard
and his management team well as they continue to lead Catalyst and
the broader Howard business into their next phase of growth,” said
Jim Metcalfe, Astatine’s CEO & Co-Managing Partner.
About Astatine Investment Partners
Astatine Investment Partners is a leading, independent,
mid-market private equity firm focused on infrastructure
investments. Based in Greenwich CT and London, AIP manages funds
that invest in infrastructure in North America and Europe. We
target investments in the digital, transportation, utility-related
and essential services sectors, with the objective of generating
attractive risk-adjusted returns for investors through a
combination of capital appreciation and a strong focus on cash
yield.
Astatine was founded in 2005 as Alinda Capital Partners and is
one of the world’s most experienced infrastructure investment
firms. Alinda Capital Partners changed its name in 2022 to Astatine
Investment Partners, to reflect the shift from our origins as a
large-cap, core focused manager to focus from 2014 onwards on the
mid-market, core-plus space. Astatine specializes in carveouts,
take privates of public companies and the formation of strategic
partnerships. For more information on AIP, please visit:
https://astatineip.com/.
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