Moda Midstream LLC secured $750 million in equity commitments from private-equity firm Encap Flatrock Midstream, the company said March 17.
Moda was formed in early 2015 and its four founding partners previously were members of the executive team at Oiltanking North America LLC and Oiltanking Partners LP.
The company is led by its four founding partners. Ken Owen is president and CEO, Bo McCall is senior vice president of commercial and business development, Jon Ackerman is senior vice president and CFO and Javier del Olmo is senior vice president and COO. Together they have more than 70 years’ combined experience in the energy industry, and they previously were members of the executive team at Oiltanking North America LLC and Oiltanking Partners LP (NYSE: OILT).
Owen cited the demand for bulk liquids storage infrastructure, and said EnCap Flatrock’s commitment gave Moda financial flexibility to build a logistics platform through asset acquisitions and other projects.
Houston-based Moda Midstream was advised by Vinson & Elkins LLP and Crain, Caton & James PC. San Antonio-based EnCap Flatrock was advised by Thompson & Knight LLP.
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