Clearfork Midstream aquires Azure Midstream

Azure Midstream Energy, a natural gas midstream company operating in North Louisiana and East Texas, has closed on its sale to Clearfork Midstream. Terms of the sale were not disclosed.

Clearfork Midstream partnered with EnCap Flatrock Midstream (EFM) for the transaction. Investment banking firm Jeffries served as sole financial advisor and Porter Hedges LLC served as corporate counsel to Azure Midstream.

"We are delighted to complete this transaction and looking forward to building upon the work Chip and his team have accomplished," said Kipper Overstreet, Clearfork CEO.

"I have known Mr. Overstreet for over a decade, and I can think of no finer example of the strong leadership needed to develop these assets to the next level," Azure CEO I.J. Berthelot said. "I have the utmost confidence in Clearfork and EFM and their ability to maximize value while maintaining the safety-first culture we developed at Azure."

Azure was founded in 2012 by Berthelot, who brings a two-decade record of successful deals with over $2 B in assets transacted. Berthelot successfully founded, financed, developed, operated, and sold multiple natural gas midstream companies including Laser Midstream Company, Laser Northeast Gathering Company, and now Azure Midstream.

"I am deeply grateful to our investors, team and other stakeholders who supported us through this challenging decade for the industry," said Mr. Berthelot. "I especially appreciate our bank group currently lead by Capital One who stood behind us and worked creatively with us every step of the way, and Latham & Watkins LLP, who provide legal advice on our credit related transactions."

At Azure, Mr. Berthelot built a team of industry veterans including Chief Operating Officer,
John Loiacono, Chief Financial Officer, Mandy Bush, Vice President of Business Development, Jay Carter and Vice President of Commercial Operations, David Garrett. Together they have over a century of combined experience in the energy industry and worked together as a cohesive, collaborative unit through the most severe downturn in the last two decades.

The team is now positioned to solely focus on Laser Midstream Energy, LLC, the latest entrepreneurial undertaking cofounded by Mr. Berthelot and team. Laser has reloaded with longtime private equity partner, Energy Spectrum, and is "hitting the ground running" in pursuit of both acquisitions and gas infrastructure development deals.

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