Riverstone, Kaiser Midstream to invest in midstream startup

Private equity firm Riverstone Holdings and Kaiser Midstream, owned by George B. Kaiser, agreed to provide financial backing of up to $500 million in equity commitments for a midstream startup company, Sage Midstream LLC, to pursue natural gas liquids business opportunities in liquids-rich plays.

Organizers said Sage plans to pursue development and acquisition opportunities involving midstream assets and services in US and Canada.

Sage is based in Houston, and its president is Greg Bowles. Bowles previously was executive vice-president of Lone Star NGL, a joint venture between Energy Transfer Partners LP and Regency Energy Partners LP.

Kaiser Midstream Pres. John Boone said, “The demand for NGL midstream services will continue to grow as North American oil and gas producers continue to expand their development of natural gas liquids.”

Riverstone has over $22 billion of equity capital raised across seven investment funds and coinvestments. It has investments in US, Canada, Latin America, Europe and Asia.

Kaiser Midstream is affiliated with Kaiser-Francis Oil Co. in Tulsa.

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