Baker McKenzie advised Gravity Midstream Corpus Christi and EnCap Flatrock Midstream, a venture capital firm based in San Antonio, on the sale of Gravity Midstream Corpus Christi to Pin Oak Corpus Christi.
The transaction closed on October 18, 2017.
Pin Oak Corpus Christi is currently operational with pipeline connections into nearby refineries, 737,500 barrels of storage, a crude processing unit, a polymer modified asphalt plant, rail loading and unloading facilities, a truck rack, and access to Aframax and barge docks. There are long-term contracts in place to significantly expand the terminal’s operations.
“The team at Corpus Christi is excited to be joining the Pin Oak family and partnering with investors who are dedicated to taking the terminal to the next level by expanding the terminal’s operations and building a strategic hub in Corpus Christi,” said Craig Peus, CEO of Gravity Midstream Corpus Christi, who will remain as CEO of the Company. “We all emphasize the importance of creating a safe work environment and fostering a partnership with the Corpus Christi community, the Port of Corpus Christi, and the state of Texas.”
The Baker McKenzie team advising Gravity Midstream Corpus Christi and EnCap Flatrock Midstream was led by Steven Canner and included partners Nick Marchica and Jonathan Stevens in New York, Chris Guldberg, Ryan Vann and Sarah Winston in Chicago, and Emily Harbison in Houston. Associates included Joe Malca and Melanie Spector in New York, Lauren Schuster and Jessica Wicha in Chicago, and Tanner Bodine and Jonathan Farrokhnia in Dallas.