{"id":1004088119,"date":"2013-12-09T07:51:11","date_gmt":"2013-12-09T15:51:11","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=224099"},"modified":"2022-12-06T23:19:22","modified_gmt":"2022-12-07T07:19:22","slug":"ngl-acquires-gavilons-energy-business-for-890m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ngl-acquires-gavilons-energy-business-for-890m\/","title":{"rendered":"NGL Acquires Gavilon\u2019s Energy Business for $890M"},"content":{"rendered":"

By Gabriel Circiog, Associate Editor<\/em><\/p>\n

NGL Energy Partners L.P. has completed the $890 million acquisition of the equity interests of Gavilon L.L.C., the diversified midstream energy business owned by funds managed by Ospraie Management, General Atlantic and Soros Fund Management.<\/p>\n

\"\"<\/a><\/p>\n

The recent confirmation followed NGL\u2019s announcement in November it had reached a definitive agreement to purchase Gavilon\u2019s energy business on a cash-free, debt-free basis that includes approximately $200 million of working capital.<\/p>\n

As previously announced, the cash purchase price has been financed with approximately $240 million of equity under a private placement of common units and around $650 million of borrowings under its credit facility. NGL announced it has completed the issuance and sale of about 8.1 million of its common units to a group of institutional investors in a private placement at a price of $29.95 per unit. UBS Investment Bank acted as sole placement agent for the offering. Andrews Kurth L.L.P. provided legal representation for NGL.<\/p>\n

Gavilon, a company that principally operates integrated crude oil storage, terminal and pipeline assets situated in Oklahoma, Texas and Louisiana, also includes a complementary crude oil and refined products, supply, marketing and logistics business. Gavilon markets and supplies refined products and natural gas liquids through a network of over 300 distribution terminals across 39 states. The company\u2019s crude oil assets also include a 50 percent interest in Glass Mountain Pipeline, 4.1 million owned and 3.9 million leased barrels of storage in Cushing, Okla., a marine terminal and nine truck terminals.<\/p>\n

\u201cThis combination is important for NGL, adding our first major pipeline investment in addition to crude oil storage at Cushing,\u201d said H. Michael Krimbill, the company\u2019s CEO, in a statement. He added that Glass Mountain Pipeline is on track to start operations next month.<\/p>\n

Gavilon CEO Greg Piper stated, \u201cOur employees and executive team are excited to join the NGL organization. We have multiple organic projects in development and look forward to continuing to enhance and expand our energy footprint.\u201d<\/p>\n

UBS Investment Bank served as NGL\u2019s exclusive financial advisor for the Gavilon acquisition and Locke Lord L.L.P. served as legal counsel. Barclays was financial advisor to Gavilon and the sellers. Jones Day and McGrath North provided legal representation for Gavilon.<\/p>\n

Logo Courtesy of: www.nglenergypartners.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

NGL Energy Partners LP recently announced it has completed the acquisition of all of the equity interests of Gavilon LLC, the diversified midstream energy business owned by funds managed by Ospraie Management, General Atlantic and Soros Fund Management.<\/p>\n","protected":false},"author":264,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004088119","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nNGL Acquires Gavilon\u2019s Energy Business for $890M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ngl-acquires-gavilons-energy-business-for-890m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NGL Acquires Gavilon\u2019s Energy Business for $890M\" \/>\n<meta property=\"og:description\" content=\"NGL Energy Partners LP recently announced it has completed the acquisition of all of the equity interests of Gavilon LLC, the diversified midstream energy business owned by funds managed by Ospraie Management, General Atlantic and Soros Fund Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ngl-acquires-gavilons-energy-business-for-890m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-12-09T15:51:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T07:19:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/NGL-Energy-Partners-LP-Logo.gif\" \/>\n<meta name=\"author\" content=\"Gabriel Circiog\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ngl-acquires-gavilons-energy-business-for-890m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ngl-acquires-gavilons-energy-business-for-890m\\\/\"},\"author\":{\"name\":\"Gabriel Circiog\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc807179924e7fea3aeab259237f45a5\"},\"headline\":\"NGL Acquires Gavilon\u2019s Energy Business for $890M\",\"datePublished\":\"2013-12-09T15:51:11+00:00\",\"dateModified\":\"2022-12-07T07:19:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ngl-acquires-gavilons-energy-business-for-890m\\\/\"},\"wordCount\":383,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ngl-acquires-gavilons-energy-business-for-890m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/12\\\/NGL-Energy-Partners-LP-Logo.gif\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ngl-acquires-gavilons-energy-business-for-890m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ngl-acquires-gavilons-energy-business-for-890m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ngl-acquires-gavilons-energy-business-for-890m\\\/\",\"name\":\"NGL Acquires Gavilon\u2019s Energy Business for $890M - 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