Blackstone, GSO Capital Partners acquire stake in Crestwood Midstream Partners
Thursday, June 26, 2008 : PermalinkRTT News- Pipeline company Crestwood Midstream Partners LLC said Wednesday that Blackstone Group 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.
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