Based in San Antonio, Cavalcade is focused on providing tailored midstream solutions through greenfield development and strategic M&A, initially in the Permian Basin.
Cavalcade is led by three founding partners, Rich Reynolds, Hunter Thunell, and Ross Dillon, who previously worked together at NuStar Energy L.P. (NuStar). Cavalcade’s founders have a history of success across multiple basins, including the Permian and Eagle Ford, and with multiple product streams, including crude oil, natural gas and refined products.
Reynolds, Cavalcade’s Chief Executive Officer, was most recently focused on all legal aspects of NuStar’s Permian Basin business, as well as its domestic and international M&A activity. Before NuStar, Reynolds was Vice President and Associate Corporate Counsel for Frost Bank.
Thunell, Cavalcade’s President and Chief Commercial Officer, most recently focused on strategic and new producer relationships for NuStar in the Permian Basin, while previously sourcing, analyzing and managing NuStar’s M&A activity in corporate development.
Prior to NuStar, Thunell worked for Bank of America and Bank of Tokyo, specializing in natural resources. Dillon, Cavalcade’s Chief Operating Officer, most recently managed NuStar’s strategic capital project portfolio in the Permian Basin. Prior to that, he held various engineering and operations leadership roles for Kinder Morgan and El Paso Energy.
Cavalcade CEO Rich Reynolds said: “We are honored to partner with Pearl, Old Ironsides and NGP, three preeminent investment firms in the energy business.
“The Cavalcade team has a long and successful history working together and we are confident that our experience, coupled with our strong financial sponsors, will enable us to create value, providing creative, flexible, and reliable midstream solutions for our customers.”
Pearl managing partner and co-founder Billy Quinn said: “Pearl is excited to partner with Rich, Hunter and Ross. Our equity commitment and partnership with NGP and Old Ironsides reflect the confidence we have in the Cavalcade team.”
Old Ironsides co-founder and managing partner Sean O’Neill said: “We welcome Cavalcade’s creative and innovative approach to the midstream business and look forward to supporting this highly talented team as they execute their strategy.”
NGP partner Craig Glick said: “Cavalcade has a fresh perspective that will quickly translate to delivering value to its customers and partners.”
Norton Rose Fulbright served as legal advisors to Cavalcade and Thompson & Knight served as legal advisors to Pearl, Old Ironsides and NGP.
Source: Company Press Release
