Simpson Thacher represented First Infrastructure Capital, Ridgemont Equity Partners and WhiteWater in connection with the sale of their interests in the Whistler Pipeline.
I Squared Capital, through its ISQ Global Infrastructure Fund III, has acquired a controlling interest in the Whistler Pipeline, a leading natural gas infrastructure asset, from First Infrastructure Capital, Ridgemont Equity Partners, affiliates of West Texas Gas Inc., affiliates of Stonepeak Partners LP and the WhiteWater management team.
The Whistler Pipeline is a leading core energy infrastructure system connecting the Permian Basin’s growing natural gas supply to LNG, Mexico, and Gulf Coast demand. Whistler will have direct connections into LNG facilities in the Corpus Christi area. Nearly all current capacity is contracted under long-term, fixed-fee minimum volume commitments, primarily with investment grade counterparties.
The WhiteWater management team, who retain a significant portion of equity in the business, has an established reputation for growing contracted cash flows through developing and operating greenfield projects and has identified several initiatives to accelerate further growth of the platform.
The Simpson Thacher team included Shamus Crosby, Breen Haire, Kyle Kreshover and Emiley Dillon (M&A); Sophie Staples and Andrew Mandelbaum (Tax); Larry Moss and Kristy Fields (Executive Compensation and Employee Benefits); Timothy Gallagher (Real Estate); Kate Mirino (IP); and Brian Steinhardt and Mark Haddox (Banking and Credit).