HOUSTON--(BUSINESS WIRE)--Tivoli Midstream LLC, (“Tivoli”) today announced the closing of an acquisition of a crude oil pipeline system in Northern Texas (“NTX”) from affiliates of Phillips 66 Company (PSX). The acquisition will be made through Tivoli Services LLC, a subsidiary of Tivoli.
NTX consists of approximately 140 miles of crude oil gathering and transportation pipelines and storage capacity in the Barnett Shale area of Northern Texas. The system, which extends through portions of Young, Archer, Clay, Jack, Palo Pinto, Wichita and Stephens Counties, will be underpinned by a long-term transportation services agreement with Phillips 66.
In conjunction with the acquisition of NTX, Tivoli Services LLC also announced the closing of an investment by funds managed by Intrepid Investment Management, LLC, the investing arm of Intrepid Financial Partners, L.L.C. (“Intrepid”). Proceeds were used to fund the NTX acquisition and to provide growth capital.
Tivoli is led by industry veterans with over 70 years of combined experience leading midstream infrastructure organizations globally. Tivoli’s expertise providing complex solutions and services to the oil, gas and petrochemical industries will create meaningful value for both NTX and its anchor customer, Phillips 66.
“We are excited by our most recent acquisition of NTX, which Tivoli is ideally suited to operate,” said Rance Fromme, President of Tivoli. “We welcome our long-term partnership with Phillips 66 and look forward to working with the existing team at NTX to continue to provide the best-in-class solutions for which NTX is known.”
“We have always been impressed by Tivoli management’s extensive experience operating and improving high quality infrastructure assets, and we are excited to finally have the opportunity to partner with Rance, Rick and Bill,” said Mike France, Head of Investment Management at Intrepid. “NTX is an attractive and unique asset to begin our partnership, which we look forward to growing through future acquisitions.”
Tivoli is a growth-oriented midstream, logistics and services company, dedicated to making the world and environment better every day. Focused on providing effective solutions to the oil, gas, and petrochemical industries, Tivoli’s primary objective is to be a trusted partner to its customers, exceeding expectations in safety, service and reliability. Tivoli has over 70 years of experience, providing service to over 20 distinct industries and handling over 200 different products.
Tivoli is headquartered in Houston. Further information is available at www.tivolimidstream.com.
Intrepid is the leading energy-focused merchant bank that provides investment banking and investing management services. Intrepid’s leading boutique investment banking business provides independent and best-in-class merger & acquisition, restructuring and capital markets services to the traditional energy and energy transition sectors, and has advised on ~$200 billion of transactions since its founding in 2015. Intrepid’s investment management business makes principal debt and equity investments through its managed funds. Current strategies include private equity, infrastructure and venture capital across traditional energy and energy transition.
Intrepid has offices in Houston and New York. Further information is available at www.intrepidfp.com.