Candor Midstream gets $200 million commitment from EnCap Flatrock

By Patrick C. Miller | August 21, 2018

Houston-based Candor Midstream LLC announced that it will receive an initial venture capital commitment of $200 million from EnCap Flatrock Midstream of San Antonio, Texas.

Established in 2017, Candor is an independent company focused on the development of midstream infrastructure across North America. The company said it’s pursuing organic, greenfield projects and select acquisition opportunities. It offers tailored midstream solutions, including gas gathering, processing and treating; crude gathering, terminaling and logistics; and produced water gathering.

EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments LP and Flatrock Energy Advisors LLC.

“We have a tremendous amount of experience and understand that every producer has unique needs,” said Darrel Hagerman, Candor president and CEO, a 33-year energy industry veteran. “We spend a lot of time meeting face-to-face in our customers’ offices and getting our hands dirty out in the field, where we work alongside producers to get a first-hand look at their challenges and opportunities. We think that’s the best way to really get to know our customers and develop effective midstream solutions that start at the wellhead.”

Candor’s management team has experience with companies such as Crestwood Midstream Partners LP, Enbridge, ONEOK Inc. and Delhi Gas Pipeline Corp.

“We are very pleased to welcome Darrel and the rest of the Candor Midstream team to the EnCap Flatrock family,” said Bill Waldrip,  EnCap Flatrock Midstream managing partner and founder. “Producers across the country know and trust the Candor team and genuinely enjoy working with them. That’s a huge asset. We look forward to helping them grow a very successful company.”