Willkie advised Silver Creek on the deal
Silver Creek Midstream, LLC (“Silver Creek”), a private midstream company located in Irving, Texas, through a newly formed joint venture, closed the acquisition of the Powder River Basin Midstream Assets and the associated crude oil gathering system and facility assets from Genesis Energy L.P. (“Genesis”) for approximately $300 million. Completed in partnership with Silver Creek’s financial sponsors, Tailwater Capital and The Energy & Minerals Group, this acquisition will significantly enhance Silver Creek’s footprint in the Powder River Basin (“PRB”) in order to better serve its customers.
The Company has experienced meaningful growth over the past year having closed on both the acquisition of the Red Butte Pipeline System in December 2017 and the acquisition of the Tallgrass Gathering System in February 2018, which offered the Company an immediate presence in the PRB and provided a strategic 50-mile footprint in the core of the region. At that time, Silver Creek also announced a joint venture with Tallgrass Energy Partners to develop the Iron Horse Pipeline to transport crude oil from the PRB to Guernsey, Wyoming.
The Powder River Basin Midstream Assets will be a critical addition to the Silver Creek portfolio and should accelerate Silver Creek’s ability to provide a full suite of crude services to producers in the core of the basin. Pro forma for the acquisition, Silver Creek Midstream now owns over 190 miles of crude trunk line and gathering pipelines with multiple interconnections to downstream markets out of Guernsey. Silver Creek has significant plans for additional growth in and around the system.
The Willkie deal team was led by partners Archie Fallon (Picture) and Viktor Okasmaa, and included partners William Rooney and Norman Bay and counsel Jonathan Konoff.
Involved fees earner: Archie Fallon – Willkie Farr & Gallagher; Viktor Okasmaa – Willkie Farr & Gallagher; William Rooney – Willkie Farr & Gallagher; Jonathan Konoff – Willkie Farr & Gallagher; Norman Bay – Willkie Farr & Gallagher;
Law Firms: Willkie Farr & Gallagher;
Clients: Silver Creek Midstream, LLC;