HOUSTON–(BUSINESS WIRE)–Penrose Midstream Partners, LLC (“Penrose”), a growth-oriented midstream company focused on acquiring, developing, operating and optimizing midstream infrastructure, today announced an equity commitment by EIV Capital, LLC (“EIV”) and Penrose’s management.
Penrose is led by Chief Executive Officer Rick Van Eyk, an industry veteran with a 20-year track record of value creation in the energy business, including leadership roles with EnLink Midstream and Occidental Petroleum. Partnering with Mr. Van Eyk are Chief Operating Officer David Kley and Chief Financial Officer Dan Plate. Mr. Kley brings over 30 years of experience in the energy business, including operational roles at EnLink Midstream and Williams Companies. Mr. Plate has 14 years of experience in energy private equity and investment banking, including transactional experience in numerous major oil and gas basins across the United States.
Penrose is committed to providing strategic, tailored midstream solutions to best meet producers’ needs. The company will be engaged in acquiring and developing natural gas, natural gas liquids and crude oil midstream infrastructure in basins throughout North America.
Patti Melcher, EIV Capital Co-Founder and Managing Partner, commented: “We are excited to partner with Penrose Midstream Partners. EIV is confident in the team’s ability to successfully acquire, develop and operate midstream infrastructure to provide superior midstream services to producers.”
Rick Van Eyk remarked: “It’s a privilege to partner with EIV Capital, and we look forward to leveraging our team’s background and experience to implement our strategy of developing a midstream energy platform that provides tailored, cost-effective solutions for upstream producers and customers. We believe there is ample opportunity in the current market to develop and optimize midstream energy infrastructure to support the dynamic oil and gas sector across the United States.”
McDermott Will & Emery LLP served as legal counsel to EIV and Locke Lord LLP served as legal counsel to Penrose.
About Penrose Midstream Partners
Penrose is a growth-oriented midstream company focused on acquiring, developing, operating and optimizing midstream infrastructure throughout established and emerging basins in North America. The company is headquartered in Houston, Texas. For more information, please visit www.penrosemp.com.
About EIV Capital
Founded in 2009, EIV Capital is a Houston, Texas-based private equity firm specializing in providing growth equity to the North American energy industry. EIV Capital focuses on investments in businesses which create value through infrastructure, innovation or efficiency. The firm’s management has extensive experience leading and investing in successful companies across the energy value chain. For more information, visit www.eivcapital.com.