FIVE POINT AND GSO BET ON ENERGY SERVICES
The firms have purchased a 50% stake in Houston-based energy business TwinEagle Resources.
Five Point Capital Partners and GSO Capital Partners have acquired a 50 percent stake in energy services company Twin Eagle Resource Management from the Chesapeake Energy Corporation and LS Power Group, according to a statement.
Five Point, GSO and Twin Energy’s management have also committed up to an additional $200 million to fund Twin Energy’s next growth phase. Mercury Capital Advisors acted as financial advisor to Five Point and GSO.
Houston-based Twin Eagle provides marketing and logistics services for crude oil, natural gas, power and environmental products. The company’s transportation and storage business is focused on oil, gas and sand, with terminal locations in North Dakota, Montana, Texas and Wyoming.
Five Point invests in energy infrastructure and energy companies in North America. The Houston-based firm was founded in 2011.
Five Point was unavailable to comment at press time.
GSO is the debt affiliate of The Blackstone Group. The business is dominated by CLO assets and customised credit strategies, such as business development companies, close-end funds, co-mingled funds and separate accounts. GSO’s assets under management grew 15 percent during 2013 to $65 billion, Private Equity International’s sister publication Private Debt Investor reported.
GSO declined to comment.