Texoma Transportation & Crude Marketing Acquires CP Energy, Expands Into Midcontinent

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Description

Acquired the Edmond, OK-based crude oil purchasing, marketing and logistics company focused on the Midcontinent.

Texoma Transportation & Crude Marketing LLC acquired CP Energy, a crude oil purchasing, marketing and logistics company with operations in Texas, Oklahoma and Kansas, the Gainsville, Texas-based company announced Jan. 24.

CP, of Edmond, Okla., provides customers with the logistics and marketing services they need to transport and sell their crude oil to strategic pipelines and refineries. The acquisition represents Texoma's entry into the Texas/Oklahoma Panhandle region and strengthens its overall market position.

In connection with its acquisition, funds managed by Crestview Partners, a leading New York-based private equity firm, along with B-29 Investments acquired a controlling stake in CP.

Raymond James was financial advisor to Texoma. Vinson & Elkins LLP was legal counsel for Texoma and Crestview. McAfee & Taft was legal counsel for CP Energy. Terms of the transaction were not disclosed.