Elevation Midstream announces strategic merger with Platte River Holdings

Elevation Midstream, LLC, a Denver, Colorado-based energy company specializing in midstream gathering and processing, has announced a significant merger with Platte River Holdings, a subsidiary of ARB Midstream, LLC. This merger marks a pivotal expansion for Elevation in the Denver-Julesburg Basin, enhancing its operational scale, connectivity, and customer service capabilities.

The merger combines Elevation Midstream‘s expertise in three-product gathering, crude stabilization, gas compression, and water logistics with Platte River’s extensive network of over 200 miles of crude gathering and transmission pipelines. This strategic combination is poised to create a robust platform for organic growth and potential basin consolidation through targeted mergers and acquisitions. The integrated assets will offer multi-market optionality to customers through the Platteville and Lucerne Terminals, which include facilities for truck offloading, batching, blending, and accessing premium markets.

John Roberts, CEO of Elevation Midstream, expressed his enthusiasm for the merger, stating, “We are extremely pleased to announce this combination with Platte River. ARB has built a highly strategic business with a great track record servicing their producer customers. Our assets are interconnected and complementary, and the combination creates a midstream system of significant scale in the basin. This transaction represents the first step in Elevation’s strategy to serve as a consolidator of DJ Basin gathering and processing assets. It has immediate operational synergies and will unlock additional accretive opportunities for continued growth.”

Dan Campbell, CEO of ARB Midstream, also commented on the merger’s potential, highlighting the cultural and operational alignment between the two entities: “We are excited to merge with Elevation Midstream to create a unique midstream platform that will drive long-term growth in the basin. Platte River and Elevation share a similar culture and safety-focused operating philosophy, and with contiguous crude, gas, and water assets, we are strongly positioned to drive significant midstream consolidation. This announcement validates the dedication and hard work of our employees who built and operate a first-class system that delivers exceptional, safety-first midstream services to our customers.”

The transaction was supported by notable financial and legal advisors. Intrepid Partners, LLC and Vinson & Elkins, LLP served as financial and legal advisors, respectively, to Elevation. Conversely, Jefferies LLC and Locke Lord LLP provided financial and legal advisory services to ARB.

The merger between Elevation Midstream and Platte River Holdings is a transformative move for the midstream sector in the Denver-Julesburg Basin. It not only augments Elevation’s asset base and service offerings but also sets a strategic pathway for future expansions and acquisitions. This merger is expected to enhance operational efficiencies, expand market access for producers, and deliver superior service offerings to a broader customer base.