For the second consecutive month, private equity firm Tailwater Capital LLC announced an agreement to purchase midstream assets, roughly a year after raising a $1.1 billion fund as the industry slid into a downturn.

Dallas-based Tailwater signed a definitive agreement on Feb. 17 to acquire NorTex Midstream Partners LLC, an independent natural gas and transportation company based in Houston. Tailwater said the deal, which follows its acquisition of Tall Oak Midstream II and III last month, represents a bet on the continued reliance of natural gas for power generation even as renewable power sources gain ground.

Tailwater did not disclose the financial terms for the NorTex and Tall Oak acquisitions.

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