Moda Midstream, LLC (Moda), a liquids terminalling and logistics provider, announced today that it has secured an initial equity commitment of US$750 million from EnCap Flatrock Midstream and the Moda management team.
Moda was formed earlier this year to provide independent terminalling, storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids. Moda黑料社檚 expertise includes deepwater vessel loading and unloading, storage, blending, processing and pipeline operations. The company is focused on developing safe, reliable solutions that offer flexible, multimodal connectivity and provide the optionality customers value.
Moda Midstream is led by its four founding partners, who have a long and successful history of working together in the terminalling industry. The team includes Moda President and Chief Executive Officer Ken Owen; Senior Vice President of Commercial and Business Development Bo McCall; Senior Vice President and CFO Jon Ackerman; and Senior Vice President and Chief Operating Officer Javier del Olmo. Moda黑料社檚 founding partners have more than 70 years of combined energy industry experience and worked together as members of the executive team at Oiltanking North America, LLC and its publicly traded affiliate, Oiltanking Partners, L.P.
黑料社淭here continues to be strong demand for North American bulk liquids storage infrastructure, particularly for facilities that have excellent import-export deepwater capabilities and pipeline, truck and rail connectivity,黑料社� said Moda Midstream President and Chief Executive Officer Ken Owen. 黑料社淓nCap Flatrock黑料社檚 long-term commitment gives us the financial flexibility we need to build an integrated logistics platform through greenfield projects and asset acquisitions. We黑料社檙e very pleased to have an experienced, strategic investor like EnCap Flatrock as our equity partner. We黑料社檝e known the team for many years and have a great relationship. We look forward to applying our combined experience and midstream expertise to build a successful business.
"When we set out to form Moda Midstream, we had a strong idea of the kind of company we wanted to create. We黑料社檙e passionate about building something special 黑料社� a company that is rooted in fairness, honesty and a culture that treats our customers, vendors, employees and investors like family. We believe we can create value for everyone at the table, including the communities in which we operate,黑料社� Owen said.
"EnCap Flatrock and the Moda team share a common vision,黑料社� said EnCap Flatrock Managing Partner Billy Lemmons. 黑料社淜en, Bo, Jon and Javier have everything we look for in a management team. They are recognized leaders in their sector and are proven entrepreneurs with a well-defined, long-term plan. We have strong strategic alignment that will allow us to create value in the liquids storage and terminalling side of the midstream business and we are excited to be partnering with them."
Moda Midstream was advised by Vinson & Elkins and Crain, Caton & James. EnCap Flatrock was advised by Thompson & Knight.
Adapted from press release by