ArcLight Capital Partners acquires 90 % of American Midstream GP
American Midstream Partners, LP announced on April 16th that High Point Infrastructure Partners, LLC, a portfolio company of ArcLight Capital Partners, LLC, acquired 90% of American Midstream GP, LLC and 100% of the subordinated units of American Midstream, from American Infrastructure MLP Funds, LP.
American Midstream concurrently announced the issuance of $90 million of Series A convertible preferred units to High Point in exchange for the contribution of High Point's operating assets and approximately $15 million of cash.
In connection with the transaction, Stephen W. Bergstrom, former President and Chief Operating Officer of Dynegy, Inc., has been appointed Executive Chairman of the board of directors of American Midstream's general partner. In addition, Daniel R. Revers and Jake F. Erhard, both of whom are affiliated with ArcLight, were appointed to the Board.
Brian Bierbach and Dan Campbell will continue as President and Chief Executive Officer and Chief Financial Officer, respectively, of American Midstream. Matt Rowland, Managing Director at High Point, was appointed Chief Operating Officer of American Midstream.
Wells Fargo Securities, LLC acted as financial advisor to ArcLight, Citigroup acted as exclusive financial advisor to American Infrastructure MLP Funds, and Petrie Partners Securities, LLC rendered a fairness opinion to the Conflicts Committee in connection with the transaction.
