DALLAS, Sept. 12, 2017 /PRNewswire/ -- Tailwater Capital
("Tailwater") is pleased to announce that Align Midstream, LLC ("Align") has entered into a definitive agreement to sell the
company to Enable Midstream Partners, LP (NYSE: ENBL) ("Enable") for approximately $300 million,
subject to certain customary adjustments.
"This transaction is a very important milestone for our team," said Fritz Brinkman, Chief
Executive Officer of Align. "Over the past three years, we have created significant value for our stakeholders through acquiring
and connecting underutilized gathering and processing assets to create an extensive system. This platform now serves some of the
best producers in the basin."
Jason Downie, Managing Partner at Tailwater, said, "We are proud of the execution success
demonstrated by Fritz Brinkman and his team at Align. Their ability to create a vertically
integrated midstream asset and to achieve a strong return for our investors is second to none. The Align team has built a
best-in-class asset centered on customer service that will provide meaningful value to Enable's midstream strategy."
The transaction is subject to regulatory approval and closing conditions and is expected to close as soon as practicable after
such regulatory approvals and closing conditions have been satisfied.
About Align Midstream Partners
Align is a Dallas-based midstream company focused on servicing producers' needs in
East Texas and North Louisiana. Align operates a 100-million
cubic feet per day cryogenic natural gas processing plant in Panola, Texas, and approximately
190 miles of natural gas gathering pipelines across Rusk, Panola and Shelby counties in Texas and
DeSoto Parish in Louisiana. Align's assets are underpinned with
long-term, fee-based contracts, including approximately 100,000 gross acres of dedication from producer customers.
About Enable Midstream Partners
Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable's
assets include approximately 12,900 miles of gathering pipelines, 14 major processing plants with approximately 2.5 Bcf/d of
processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable
owns 50 percent), approximately 2,200 miles of intrastate pipelines and eight storage facilities comprising 85.0 billion cubic
feet of storage capacity.
Advisors
Simmons & Company International | Energy Specialists of Piper Jaffray acted as
Align's exclusive financial advisor in connection with the transaction. The Simmons & Company team was led by Principal,
Billy O'Neil. Locke Lord served as legal counsel to Align with
Partner, Greg Heath in the lead role from the firm's Houston
office.
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SOURCE Tailwater Capital LLC