Pipeline company Crestwood Midstream Partners LLC said Wednesday that Blackstone Group (BX) and its hedge fund GSO Capital Partners L.P. have acquired ownership interests in the company.
Houston, Texas-based Crestwood noted that as part of the deal, Blackstone and GSO, along with Kayne Anderson and Crestwood Management, LLC, have combined to provide it with $500 million in equity capital commitments in order to help it pursue the acquisition and development of North American midstream assets and businesses. The funding represents an increase from the existing $150 million in equity capital commitments. Through their investment in Crestwood, Blackstone and GSO intend to capitalize on the significant growth opportunity in the midstream sector of the energy industry, which is supported by record supply development in many regions of the U.S., broad-based investment in new energy infrastructure projects and potential consolidation opportunities that may emerge in the coming years.
Commenting on the investment, Bob Phillips, President and CEO of Crestwood said, "We view Blackstone and GSO as extremely knowledgeable energy investors which, along with Kayne Anderson, provide Crestwood the financial support and industry credibility to become a significant midstream company. The expansion of our investor base also validates the investment strategies we are pursuing and positions Crestwood to be at the forefront of midstream activity over the coming years."
Blackstone has total assets under management of about $113 billion. GSO Capital Partners LP is a leading credit-oriented alternative asset manager with about $23 billion of assets under. GSO was acquired by The Blackstone Group in March 2008, following which Blackstone's debt investment businesses were combined with GSO's operations.
Kayne Anderson Energy Funds, a division of Kayne Anderson Capital Advisors, L.P., with about $9 billion of assets under management, manages $1.85 billion of private capital for investment in the energy industry.
BX closed Wednesday's regular trading session at $19.01, up $0.63 or 3.43% on a volume of 2.37 million shares.
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