[Context:On January 16, Quantum Energy Partners and Stonecourt Capital announced committing $500m to PetroLogistics II. The company will focus on petrochemical manufacturing, processing and logistics assets. The Further details and related links are below.]
Quantum Energy Partners Announces the Formation of PetroLogistics II, LLC
HOUSTON,– Jan. 16, 2018 –(GLOBE NEWSWIRE) — Quantum Energy Partners (“Quantum”) and Stonecourt Capital LP (“Stonecourt”) are pleased to announce the formation of PetroLogistics II LLC (“PetroLogistics” or the “Company”) with its founders David Lumpkins (“Lumpkins”) and Nathan Ticatch (“Ticatch”) (collectively, the “Founders”). PetroLogistics, headquartered in Houston, Texas, plans to continue the strategy of its predecessor, PetroLogistics Company LLC, to acquire, develop, and operate petrochemical manufacturing, processing and logistics assets in North America. Quantum, Stonecourt and members of the PetroLogistics management team have collectively made initial capital commitments to the Company in excess of $500 million.
The PetroLogistics team is led by Lumpkins as Chairman, Ticatch as President, and Randy Miller as Vice President of Engineering and Operations. Prior to the formation of PetroLogistics II LLC, the PetroLogistics team developed the first Propane Dehydrogenation facility in North America which at the time was also the largest in the world. That business, PetroLogistics LP, became a NYSE listed company in 2012 and was sold to Flint Hills Resources, a subsidiary of Koch Industries, Inc., in 2014. Previously, the PetroLogistics team also acquired and significantly expanded an extensive system of pipeline transportation and storage assets under the name PL Midstream, which provided mission critical logistics services to the petrochemical industry in Louisiana. PL Midstream was sold to Boardwalk Partners in 2012.
The Founders remarked on the closing, “We are excited to be partnering with Quantum and Stonecourt as we continue our long term strategy of bringing creative ideas to the market and putting them into practice in support of the needs of the North American petrochemical industry. We believe that the currently evolving industry environment provides ample opportunity for fruitful investment consistent with that strategy. We are confident that the unique industry expertise and capabilities of Quantum will be of immeasurable value to us as our partner. We are also pleased to be continuing our relationship with the principals of Stonecourt, who were instrumental to the success of our past investments.”
Dheeraj Verma, President of Quantum, commented, “We are excited to be partnering with David, Nathan and Randy who have an exceptional track record working together to create value for industry counterparts and investors. Our commitment illustrates our confidence in their strategy and their capabilities to deliver on it.”
Lance Hirt, Managing Partner of Stonecourt, commented, “We are pleased to be continuing our long term relationship with the PetroLogistics team and we are confident that the success of the previous investments we made together will be repeated in the future.”