Basalt Acquires Natural Gas Transmission Business from Third Coast Midstream
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A fund managed by Basalt Infrastructure Partners II GP has completed the acquisition of Third Coast Midstream’s natural gas transmission business. The Houston-based business will be rebranded as Black Bear Transmission.
“We are very excited to add Black Bear Transmission to our portfolio of infrastructure investments. This investment represents a rare opportunity to invest in a portfolio of demand-driven, regulated ‘last-mile’ natural gas pipelines serving utilities and other key end-user customers in the Southeast United States. The business is strategically positioned to capture continued industrial growth in the region,” said David Greenblatt, Partner of Basalt Infrastructure Partners.
“We are proud of the accomplishments our team has executed over the last several years in building out this portfolio of high-quality gas transmission assets in the Southeast United States. We congratulate Basalt on a successful closing and are confident our teams will execute a safe and smooth transition,” said Matt Rowland, Third Coast’s president and chief executive officer.
Black Bear Transmission includes seven regulated natural gas pipelines with total capacity of over 1,600 MDth per day, stretching approximately 550 miles. The pipelines are connected to 8 major long-haul pipelines, ensuring reliable gas supply to customers across Louisiana, Alabama, Mississippi, Tennessee, and Arkansas.
About Basalt
Basalt manages an infrastructure equity investment fund focusing on investments in utilities, power, transport, and communications infrastructure in the United States, Canada and Europe. This acquisition will represent Basalt’s ninth investment in the second flagship Basalt fund. Other investments by the second flagship Basalt fund include DB Energy Assets, Helios Power and Detroit Thermal in the United States, and North Star, Mareccio Energia, Caronte and Tourist, Manx Telecom, and Connect Fibre in Europe.
To stop by Basalt’s website, CLICK HERE
About Third Coast
Headquartered in Houston, Texas, Third Coast Midstream is a full-service midstream company with assets that provide critical midstream infrastructure linking producers of natural gas, crude oil, NGLs, and condensate to end-use markets. Third Coast’s assets are strategically located in some of the most prolific offshore basins in the Deepwater Gulf of Mexico. Third Coast currently owns or has an ownership interest in over 4,000 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semi-submersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas, and a terminal site with approximately 3.0 MMBbls of storage capacity.
To stop by Third Coast’s website, CLICK HERE
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