Bridger, LLC Partners with Riverstone Holdings LLC
Partnership Broadens Bridger’s Growth Objectives
DALLAS and NEW YORK, July 2, 2013 /PRNewswire/ — Bridger, LLC (“Bridger”), formerly Bridger Group, LLC, a crude oil marketing and midstream logistics company based in Dallas, Texas, today announced that it has partnered with Riverstone Holdings LLC (“Riverstone”), an energy and power-focused private equity firm. Bridger’s management team and Riverstone have jointly committed to invest up to $300 million, building on Bridger’s operational and financial success and further fueling the company’s growth strategy. Bridger’s experienced management team consists of its founders, James Ballengee, Julio Rios and Jeremy Gamboa.
Bridger’s integrated crude oil-focused midstream infrastructure platform provides logistics and marketing services across the energy value chain, with 300 crude-hauling trucks, 12 pipeline injection stations, 140,000 barrels of crude storage, two pipelines and additional pipeline capacity, 530 rail tank cars and 45,000 barrels per day of rail loading and unloading capacity connecting oil production to premium end markets. Bridger’s operations span 11 states and include all major domestic crude oil production regions and basins, such as the Bakken, Rockies, Niobrara, Mid-Continent, Gulf Coast, Permian and Eagle Ford.
Julio Rios, President and Chief Executive Officer of Bridger, said, “We are extremely proud to be partnering with Riverstone. Their expertise and relationships in the energy industry, particularly in the midstream sector, will be invaluable as we execute our business plan of aggressive organic growth and strategic acquisitions. This new partnership opens an exciting new chapter for Bridger, our employees, our network of owner operators and our customers.”
Andrew Ward, a Partner at Riverstone, added, “With an established and growing footprint of crude logistics assets in the major domestic oil-producing basins, an emerging presence in areas of newer production and an outstanding management team, Bridger is well positioned to capitalize on the increasing demand for crude oil infrastructure and transportation throughout the United States and beyond.”
Bridger is a U.S.-based provider of logistics and marketing services to the crude oil industry. Bridger engages in the purchase, sale, transportation, storage and terminalling of crude oil through its nationwide asset base of pipeline injection stations, pipelines, storage tanks, rail loading and unloading terminals, railcars and tank trucks that support customers in all the major domestic crude oil production basins. The company currently provides flow assurance and crude oil markets to its customers for over 190,000 barrels of crude oil per day through its logistics assets and its marketing business. For more information, visit www.bridgergroup.com.
Riverstone is an energy and power-focused private investment firm founded in 2000 with approximately $25 billion of equity capital raised across seven investment funds. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $22.6 billion to 100 investments in North America, Latin America, Europe, Africa and Asia. For more information, visit www.riverstonellc.com.
Julio E. Rios, II, President and Chief Executive Officer
SOURCE Bridger, LLC; Riverstone Holdings LLC