A fund managed by London-based Basalt Infrastructure Partners II GP Limited has completed its acquisition of Texas-based Third Coast Midstream LLC’s natural gas transmission business involving supplies in Arkansas and other southeastern states.
Details of the acquisition were not revealed.
Basalt announced it will rebrand the Houston-based business as Black Bear Transmission which includes 7 regulated natural gas pipelines stretching nearly 550 miles. The lines are connected to 8 major long-haul pipelines ensuring reliable gas supply to customers in Arkansas, Louisiana, Alabama, Mississippi and Tennessee.
“We are very excited to add Black Bear Transmission to our portfolio of infrastructure investments. This investment represents a rare opportunity to invest in a portfolio of demand-driven, regulated ‘last-mile’ natural gas pipelines serving utilities and other key end-user customers in the Southeast United States. The business is strategically positioned to capture continued industrial growth in the region,” said David Greenblatt, Partner of Basalt Infrastructure Partners LLC, exclusive investment Advisor to the Basalt funds.