Nexus Gas Partners LLC, which is owned by a New York-based private equity fund, on Tuesday announced the acquisition of Dominion Midstream Services LP from Dallas-based Dominion Gas Group for an undisclosed amount. The assets include the Logansport gathering and dehydration system, which currently gathers 100 MMcf/d from the Joaquin Field in Shelby and Panola counties, TX, and the Logansport, Grand Cane, Spider and Benson fields in DeSoto Parish, LA.
Dominion Gas Ventures LP, a Dominion Gas Group entity, will continue to provide marketing-related services for several customers transporting volumes through the Logansport system.
Nexus Gas Partners is owned by Centre Partners Management LLC and its Dallas-based affiliate Centre Southwest Partners LLC. Centre Partners Scott Perekslis, a senior partner, said the investment in Nexus Gas created an opportunity to build a diverse portfolio of midstream assets through organic development and acquisitions.
"We recognize an attractive investment opportunity in the midstream segment, given the compelling industry backdrop, positive capital deployment trends of the upstream customers of the segment, and strong, recurring cash flow attributes of many of the assets in this industry," said Perekslis. "We believe we are well-positioned to take advantage of the significant growth opportunities afforded us from our initial acquisition and other initiatives under consideration. We stand ready to invest additional capital in Nexus Gas Partners to support and accelerate our midstream vision."
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