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JPMorgan Partners and Bear Cub Energy Acquire Midstream Processing and Gathering Assets from Hanover Compressor CompanyOct. 6, 2005 -- JPMorgan Partners, LLC (“JPMP”), a private equity affiliate of JPMorgan Chase & Co., and the principals of Bear Cub Energy, LLC, Thomas J. Edelman and Robert J. Clark, announced that they have formed Madison Gas Processing L.P. to acquire gas processing assets and the associated gathering system of Hanover Compressor Company in Madison, Texas. The assets are adjacent to the Madisonville Gas Field located in Madison County, Texas, approximately 100 miles north of Houston. JPMP and Bear Cub have initially allocated approximately $50 million to the initial acquisition and anticipate providing significant growth capital to expand the gas processing capacity at the Madisonville site. In addition, Madisonville will continue to pursue add-on acquisitions and other growth opportunities in the midstream sectors. This is JPMP’s third investment with the principals of Bear Cub. The first two investments, Bear Paw and Patina Oil & Gas were highly successful investments in the energy sector. “We are excited to again have the opportunity to partner with the Bear Cub team. This initial investment will allow Madisonville to add significant processing capacity at the field, as well as positioned it to be a larger player in the midstream sector,” said Christopher Behrens, a Partner at JPMorgan Partners. Thomas J. Edelman, Bear Cub’s Chairman, said, “We are delighted that JPMorgan Partners has again elected to invest with us. Despite the rapid run-up in the price of mid-stream assets, we remained convinced that opportunities for profitable investment in the sector continue to exist if one is able to work closely with producers and can materially enhance operating efficiency.” ABOUT JPMORGAN PARTNERS JPMorgan Partners, LLC (“JPMP”) is a leading private equity firm with over $11 billion in capital under management as of June 30, 2005. Since its inception in 1984, JPMP has invested over $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare, hardware and software companies. With more than 80 investment professionals in five principal offices throughout the world, JPMP is an experienced investor in companies with worldwide operations. Underpinning this platform is a global integrated network, which enables JPMP to draw on expert resources residing within JPMorgan Chase, its extensive portfolio and worldwide contact network. JPMP is a private equity division of JPMorgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States, and is a registered investment adviser with the Securities and Exchange Commission. ABOUT BEAR CUB ENERGY Bear Cub is a privately held company engaged in the gathering and processing of natural gas and the marketing of natural gas liquids and crude oil. *This information is not intended as an offer or solicitation for the purpose or sale of any financial instrument. JPMorgan Partners, LLC is a Registered Investment Adviser with Securities and Exchange Commission ("SEC"). Back to Press Releases |
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The historical information presented may reflect the activities of the professionals of CCMP Capital Advisors, LLC (together with its affiliates, “CCMP Capital”) while they were members of J.P. Morgan Partners, LLC ("JPMP"), a private equity division of JPMorgan Chase & Co. prior to CCMP Capital's commencing operations. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2008 CCMP CAPITAL ADVISORS, LLC. All rights reserved. |
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