Candor Midstream secures $200m equity commitment from EnCap Flatrock Midstream
Candor Midstream, LLC has received an initial venture capital commitment of $200m from EnCap Flatrock Midstream. Headquartered in Houston and established in 2017, Candor is an independent energy company focused on the development of midstream infrastructure across North America. Candor is pursuing organic, greenfield projects and select acquisition opportunities.
Candor’s management team is a cohesive group of straightforward industry professionals with a long track record of value creation at companies including Crestwood Midstream Partners LP, Enbridge, ONEOK Inc. and Delhi Gas Pipeline Corp. The management team is led by Candor’s founder, President and Chief Executive Officer Darrel Hagerman, a 33-year energy industry veteran, and co-founder and Chief Commercial Officer Derek Gonseaux. Other key members of the Candor team are Chief Financial Officer Eric Howell and Senior Vice President, Operations Barry Robison.
“Our team is truly like no other,” said Candor President and CEO Darrel Hagerman. “Candor has been blessed in so many ways. We are humbled and excited to work with EnCap Flatrock. We engaged with several potential financial sponsors, but ultimately chose to work with EnCap Flatrock. Our core values are aligned, which provides a sound footing to navigate the ever-changing industry landscape. EnCap Flatrock’s wisdom, sound business fundamentals, financial strength and foresight will help us execute on Candor’s aggressive growth strategy.”
“We are very pleased to welcome Darrel and the rest of the Candor Midstream team to the EnCap Flatrock family,” said EnCap Flatrock Midstream Managing Partner and founder Bill Waldrip. “Producers across the country know and trust the Candor team and genuinely enjoy working with them. That’s a huge asset. We look forward to helping them grow a very successful company.”
For more information visit: www.candormidstream.com
14th September 2018