Five Point, GSO and the management of Twin Eagle have also committed to invest up to an additional $200,000,000 to fund the Company’s next growth phase.
Headquartered in Houston, Texas, Twin Eagle was founded in 2010 and is led by industry veterans Chuck Watson and Griff Jones.
Twin Eagle is a leader in the wholesale marketing of energy-related commodities including natural gas, coal, power and environmental products and services and has multi-commodity, regional midstream operations in several major oil producing basins in the US.
Twin Eagle’s energy marketing business is customer-focused, providing origination, sourcing, supply, management, and sale of natural gas and power. Twin Eagle’s midstream business is focused on oil, gas and NGL gathering, marketing, pipe and rail transportation and storage, as well as frac sand trans-loading, storage, and logistics management.
"We are pleased to align ourselves with strong investors that share our vision to continue to grow and expand our footprint in our core businesses. The commitment to our Company by our new partners will strengthen our balance sheet and help fuel growth in both our marketing and midstream businesses. With terminal locations spanning Texas, North Dakota, Montana and Wyoming, we are on track to becoming a premier provider of oilfield logistics services in addition to our core marketing business," said Chuck Watson, Chairman of Twin Eagle.
"Since 2010, our Company has experienced solid growth and performance. Much of our success can be attributed to our positive relationship with Chesapeake and LS Power. We look forward to working with them as commercial partners as we expand our services in the surging US energy market. We see a fantastic opportunity to continue to build our midstream infrastructure asset base given the added financial strength of our new partners," noted Griff Jones, President and CEO of Twin Eagle.
"We believe the North American midstream energy infrastructure sector is at a critical inflection point, and entrepreneurial businesses with exceptional leaders are best positioned to capitalize on the market opportunity to bring new shale production to end markets. This transaction is prototypical of Five Point’s investment strategy of partnering with strong management teams to execute highly disciplined, focused midstream strategies. We look forward to supporting Chuck, Griff, and the entire Twin Eagle management team as they continue to build upon Twin Eagle’s outstanding track record of success," said David Capobianco, Managing Partner of Five Point Capital Partners.
"Chuck and Griff have built an excellent team and platform that is uniquely positioned with a combination of wholesale marketing and midstream capabilities. The addition of capital to the equation should allow Twin Eagle to continue to grow its business and to take advantage of the significant changes taking place in both segments," said Dwight Scott, a Senior Managing Director at GSO.
