Platte River Equity has partnered with midstream energy industry executives, Johan Thematt, Jim Imbler and Chris Philpott, to form First River Energy, LLC. Platte River will invest capital out of its third fund, Platte River Equity III, LP, to support First River.
“On behalf of the management team at First River, we are thrilled to partner with Platte River, a private equity firm distinguished by its expertise in the energy services industry,” said Mr. Thematt. “Platte River has been actively evaluating opportunities in the midstream space. With our partnership, First River is well positioned to benefit from the firm’s deep domain knowledge and expertise.”
First River’s objective is to acquire and develop midstream assets for the gathering of crude oil, condensates, natural gas liquids and other related products, and provide marketing services for the small independent crude oil producers.
“A unique opportunity exists to build a significant midstream company focused on an important, yet underserved, segment of the crude oil production market. Platte River’s partnership with First River is a reflection of our outlook for investing in the midstream energy sector. We are actively seeking acquisitions and believe there will continue to be a number of compelling investment opportunities in the market,” said Platte River Managing Director, Peter Calamari.
First River’s founders and management team bring significant experience as key managers of private and publicly traded midstream entities. Collectively, the team has helped close over $1 billion in midstream acquisitions in the last year through past leadership roles at midstream energy companies.
Platte River Equity makes equity investments of $10 million to $50 million in lower middle market companies with enterprise values generally between $20 million and $250 million. The firm focuses on investing in the aerospace and transportation; energy and industrial services; and chemicals, metals and industrial minerals sectors. Platte River Equity manages funds with committed capital of approximately $700 million and is based in Denver (www.platteriverequity.com).
2014 PEPD • Private Equity’s Leading News Magazine • 8-13-14
