SAN ANTONIO—Cavalcade Midstream, a newly formed, full-service midstream company, said Dec. 12 that it has received a total equity commitment of $150 million from Pearl Energy Investments, Old Ironsides Energy, and NGP. Based in San Antonio, Cavalcade is focused on providing tailored midstream solutions through greenfield development and strategic M&A, initially in the Permian Basin.
Cavalcade is led by three founding partners, Rich Reynolds, Hunter Thunell, and Ross Dillon, who previously worked together at NuStar Energy LP.
Cavalcade’s founders have a history of success across multiple basins, including the Permian and Eagle Ford, and with multiple product streams, including crude oil, natural gas and refined products.
Reynolds, Cavalcade’s CEO, was most recently focused on all legal aspects of NuStar’s Permian Basin business, as well as its domestic and international M&A activity. Before NuStar, Reynolds was vice president and associate corporate counsel for Frost Bank. Thunell, Cavalcade’s president and chief commercial officer, most recently focused on strategic and new producer relationships for NuStar in the Permian Basin, while previously sourcing, analyzing and managing NuStar’s M&A activity in corporate development. Prior to NuStar, Thunell worked for Bank of America and Bank of Tokyo, specializing in natural resources. Dillon, Cavalcade’s COO, most recently managed NuStar’s strategic capital project portfolio in the Permian Basin. Prior to that, he held various engineering and operations leadership roles for Kinder Morgan and El Paso Energy.
“We are honored to partner with Pearl, Old Ironsides and NGP, three preeminent investment firms in the energy business,” said Reynolds. “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.”
“Pearl is excited to partner with Rich, Hunter and Ross. Our equity commitment and partnership with NGP and Old Ironsides reflect the confidence we have in the Cavalcade team,” said Billy Quinn, Managing Partner and Co-Founder of Pearl.
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