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Permian midstream startup secures $150M equity commitment from investment firms

The private investment firms Pearl Energy Investments, Old Ironsides Energy LLC and Natural Gas Partners made an initial equity commitment of $150 million to the newly formed San Antonio-based Cavalcade Midstream, which will focus on greenfield development and strategic M&A, initially on the Permian Basin.

The company was founded by CEO Rich Reynolds, President and Chief Commercial Officer Hunter Thunell, and COO Ross Dillon, according to a Dec. 12 release. The founding partners worked together at NuStar Energy LP, focusing in part on the partnership's Permian Basin business.

"The Cavalcade team has a long and successful history working together and we are confident that our experience, coupled with our strong financial sponsors, will enable us to create value, providing creative, flexible, and reliable midstream solutions for our customers," Reynolds said in the release.

Norton Rose Fulbright acted as legal adviser to Cavalcade Midstream, while Thompson & Knight was legal adviser to Pearl Energy Investments, Old Ironsides Energy and Natural Gas Partners.