TPG Growth Closes Acquisition of Discovery Midstream
Transaction positions company to successfully execute on growth objectives
Dallas, San Francisco, and Fort Worth, Texas – July 25, 2017 – TPG Growth, the middle market and growth equity platform of global alternative asset firm TPG, today closed its previously announced acquisition of Discovery Midstream (“Discovery”), a Dallas-based, full-service midstream provider. Discovery’s current management team will continue to run the company post-transaction and invested significantly alongside TPG Growth in this transaction.
On June 27, 2017, TPG Growth announced it had entered into a definitive agreement to acquire Discovery for an undisclosed sum. Founded in 2015 by a group of industry veterans, Discovery is a provider of oil and natural gas gathering and natural gas processing services in the southern portion of Colorado’s Denver-Julesburg (DJ) Basin. The company’s assets, which are strategically located in Weld and Adams counties, are supported by long-term contracts with leading producers in the DJ Basin.
Discovery is currently constructing more than 120 miles of pipeline and a 60 Mmcf/d natural gas processing plant, which is expected to come online in the third quarter of 2017. The company is expanding the plant capacity to 260 Mmcf/d in 2018.
Through this transaction, Discovery gains access to the experience and insights of TPG’s energy team. The firm has a history of partnering with businesses that span the full energy value chain, through investments in companies such as EnLink Midstream, Copano Energy, Jonah Energy, and Northern Tier Energy.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With more than $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpggrowth.com.
About Discovery Midstream
Based in Dallas, Discovery is a full-service midstream company focused on maximizing value and providing outstanding service to producers. Discovery’s management team has more than 100 years of experience in developing grassroots projects, optimizing assets and providing related services in the major producing basins in the United States. For more information, please visit www.discoverymidstream.com.