Clearfork Midstream Acquires Azure Midstream Energy

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

Clearfork Midstream partnered with EnCap Flatrock Midstream 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 Mr. 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 veteran industry professional, I.J. "Chip" Berthelot, II, who brings a two-decade record of successful deals with over $2 billion 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."