Holland & Hart represented DCP Midstream, LP ("DCP"), a midstream master limited partnership with a diversified portfolio of gathering, processing, logistics and marketing assets, in its entry into a definitive agreement to acquire Permian Basin gathering and processing assets (“The James Lake System”) from Woodland Midstream II, a portfolio company of EIV Capital, a private equity firm specializing in providing growth equity to the North American energy industry. This transaction is valued at $160 million, subject to certain customary adjustments.
The bolt-on acquisition enhances DCP’s Permian gathering footprint, adding approximately 230 miles of gathering pipe and a 120MMcf/d cryogenic processing facility. The James Lake System’s proximity to DCP’s existing assets provide significant synergies with DCP’s existing Goldsmith processing facility. The deal also secures approximately 250,000 dedicated acres.
The Holland & Hart transactional team was led by James Crowe, with assistance from Nate Davis and Kenyon Redfoot.
For more information, please see DCP’s press release.
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