Latest news with #MidOcean
Business Wire
6 days ago
- Business
- Business Wire
MidOcean Partners Sells InterVision
NEW YORK--(BUSINESS WIRE)--MidOcean Partners ('MidOcean'), a premier New York-based alternative asset manager specializing in middle market private equity, alternative credit, and structured equity, announced today the sale of InterVision Systems, LLC ('InterVision' or the 'Company') to NWN Corporation ('NWN'). InterVision is a leading managed services provider helping mid-market, enterprise, and public sector organizations across the U.S. modernize and secure their IT operations. With deep expertise in cloud, AI, cybersecurity, and intelligent infrastructure, the Company delivers end-to-end solutions that drive innovation, resilience, and measurable business outcomes. Financial terms of the transaction were not disclosed. With more than three decades of domain expertise, InterVision has become the trusted technology partner to over 1,000 enterprise and mid-market organizations. The Company delivers mission-critical solutions across IT infrastructure, networking, communications, and cybersecurity, backed by a consistent track record of enabling measurable outcomes. Its robust ecosystem of strategic partnerships—including Amazon Web Services, Microsoft Azure, Cisco, and Arctic Wolf—further enhances its ability to deliver tailored, best-in-class solutions at scale. MidOcean executed a focused value creation strategy to build a scaled and diversified platform. During MidOcean's ownership, InterVision transitioned into higher-margin, recurring-revenue services; completed targeted acquisitions to expand regional capabilities in the Mid-Atlantic, Southeast, and Northwest; and secured key enterprise relationships. These initiatives materially strengthened the Company's growth trajectory and market positioning. Elias Dokas, Managing Director at MidOcean, commented, 'During our ownership of InterVision, the Company more than doubled its operating income as it expanded into new markets, broadened capabilities, and deepened customer relationships. We are proud of what the team has accomplished and grateful to Jonathan Lerner for his leadership, which enabled a successful collaboration.' Joe Dentici, Vice President at MidOcean, added, 'We identified a clear opportunity to create value through operational rigor and targeted scale. This exit reflects the power of disciplined execution and strong alignment between sponsor and management.' Jonathan Lerner, CEO of InterVision, said, 'It's been a true pleasure working with MidOcean. Their strategic insight and operating support were instrumental in accelerating our growth. We're excited to build on this momentum with NWN and continue delivering exceptional value to our clients.' 'We are thrilled to partner with the InterVision team and build on our momentum together in this next chapter,' said Jim Sullivan, President & CEO of NWN. 'Integrating their innovative solutions into our AI-powered offerings platform will significantly accelerate our clients' digital transformation journeys, expand our footprint in the Midwest, and strengthen our presence in the Mid-Atlantic and Public Sector markets nationwide.' Gibson, Dunn & Crutcher LLP served as legal advisor to MidOcean. Guggenheim Securities acted as lead financial advisor to InterVision, with Moelis & Company serving as co-advisor. About MidOcean Partners MidOcean Partners is a premier New York-based alternative asset manager specializing in middle market private equity, alternative credit, and structured equity. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts. For more information, please visit:
Miami Herald
27-05-2025
- Business
- Miami Herald
Emergency Care Partners Completes Growth Recapitalization in Partnership With MidOcean Partners
Structured Equity Raise Positions the Company for Accelerated Future Growth and Provides Liquidity for Existing Shareholders PENSACOLA, FLORIDA / ACCESS Newswire / May 27, 2025 / Emergency Care Partners ("ECP" or the "Company"), a leading provider of emergency medicine services for hospitals across the U.S, today announced the closing of a successful growth recapitalization transaction, inclusive of a $100.0 million preferred equity investment led by MidOcean Partners ("MidOcean"). MidOcean's investment will support ECP's strong growth, including strategic acquisitions and the expansion of contracted service relationships with new and existing hospital customers, while providing liquidity to certain ECP physician shareholders. "Our partnership with MidOcean positions ECP for continued growth, specifically as we look to further our partnership model with like-minded physician groups. As a company, we are always focused on the long-term success of our organization and the well-being of the clinicians who make it all possible. We are excited to expand ECP's presence with our existing health system partners and new hospital relationships while supporting continued investment in exceptional patient care and experience with every partner group and location," said Bill Yarbrough, ECP's Chief Executive Officer. "ECP has built a highly respected, differentiated, and scalable platform in the emergency medicine space. We are thrilled to be selected by the team and look forward to helping execute an accelerated growth path as they expand their footprint and continue to innovate within the space," said Graham Clempson, Vice Chairman of MidOcean. Emergency Care Partners currently supports more than 1,100 emergency medicine providers, meeting the needs of 1.5 million annual patient visits across its physician group of 63 clinical locations and is backed by Varsity Healthcare Partners and Regal Healthcare Capital Partners. Varsity Healthcare Partners is a leading Los Angeles-based lower middle-market healthcare services private equity investment firm, and Regal Healthcare Capital Partners is a New York-based lower-middle market healthcare services growth equity and buyout firm. The terms of the transaction were not disclosed. Greenhill & Co., a Mizuho affiliate, and Evercore Partners Inc. acted as placement agents, and Greenhill & Co acted as the exclusive financial advisor to the Company in connection with this financing. Morgan Lewis & Bockius LLP acted as legal advisor to ECP. Gibson Dunn & Crutcher LLP acted as legal advisor to MidOcean. About Emergency Care Partners (ECP) ECP is a leading provider of emergency department management services for hospitals across the U.S., with current operations in eight states, treating 1.5 million patient visits annually, and supported by a clinical workforce of 1,100+ physicians and mid-level providers. ECP provides a unique group model, highlighted by equity ownership through its physician partnership. ECP enables local groups to maintain their culture and clinical practice autonomy while benefiting from the organization's significant back-office infrastructure. Follow ECP on Facebook, LinkedIn, Instagram, and X. About Varsity Healthcare Partners Varsity Healthcare Partners (VHP) is a leading lower middle-market healthcare services private equity investment firm, targeting exclusively multi-site healthcare provider platforms or businesses providing outsourced services, technology or tools to healthcare providers and/or payers. VHP's tactical investment strategy emphasizes identifying and transacting with growth-seeking, provider-owned or founder-owned companies, leveraging VHP's developed "buy and build" playbook to drive significant operational, managerial enhancement early in the life of each platform investment, followed by a well-resourced aggressive and multidimensional growth plan. VHP's unique tactical investment playbook and strong track record are complemented by VHP's distinct organizational culture, emphasizing highly collaborative engagement, strong professional accountability, and a commitment to excellence in work product and team performance. For more information, please visit About Regal Healthcare Capital Partners Regal Healthcare Capital Partners is a growth equity and buyout firm focused exclusively on healthcare services. Regal's founders and investors include physicians and other providers who have successfully built healthcare companies. Regal partners with successful healthcare entrepreneurs that benefit from the strategic, financial, operational, and managerial expertise, as well as the equity capital that its team and core investor group of healthcare professionals can bring to growing businesses. For more information, visit About MidOcean Partners MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity, alternative credit, and structured equity. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts. For more information, please visit SOURCE: Emergency Care Partners (ECP) press release
Business Wire
06-05-2025
- Business
- Business Wire
Energy Transfer Reports First Quarter 2025 Results
DALLAS--(BUSINESS WIRE)-- Energy Transfer LP (NYSE:ET) ('Energy Transfer' or the 'Partnership') today reported financial results for the quarter ended March 31, 2025. Energy Transfer reported net income attributable to partners for the three months ended March 31, 2025 of $1.32 billion compared to $1.24 billion for the three months ended March 31, 2024. For the three months ended March 31, 2025, net income per common unit (basic) was $0.37. Adjusted EBITDA for the three months ended March 31, 2025 was $4.10 billion compared to $3.88 billion for the three months ended March 31, 2024. Distributable Cash Flow attributable to partners, as adjusted, for the three months ended March 31, 2025 was $2.31 billion compared to $2.36 billion for the three months ended March 31, 2024. Growth capital expenditures in the first quarter of 2025 were $955 million, while maintenance capital expenditures were $165 million. Operational Highlights Energy Transfer's volumes continued to grow during the first quarter of 2025 compared to the first quarter of 2024. Interstate natural gas transportation volumes were up 3%, setting a new Partnership record. Crude oil transportation volumes were up 10%. NGL transportation volumes were up 4%. NGL and refined products terminal volumes were up 4%. NGL exports were up 5%. Midstream gathered volumes were up more than 2%. In February 2025, Energy Transfer commissioned the first of eight, 10-megawatt natural gas-fired electric generation facilities to support the Partnership's operations in Texas. During the first quarter of 2025, Energy Transfer commenced construction of Phase I of the Hugh Brinson Pipeline and secured all pipeline steel, which is currently being rolled in U.S. pipe mills. Strategic Highlights In April 2025, Energy Transfer entered into a Heads of Agreement with MidOcean Energy ('MidOcean') for the joint development of the Lake Charles LNG project, under which MidOcean would commit to fund 30% of the construction costs and be entitled to receive 30% of the LNG production. In February 2025, Energy Transfer entered into a long-term agreement with Cloudburst Data Centers, Inc. ('CloudBurst') to provide natural gas to CloudBurst's flagship AI-focused data center development. In February 2025, Energy Transfer approved construction of an additional natural gas processing plant in the Midland Basin. The Mustang Draw plant will have a processing capacity of approximately 275 MMcf/d and is expected to be in service in the second quarter of 2026. Financial Highlights In April 2025, Energy Transfer announced a quarterly cash distribution of $0.3275 per common unit ($1.31 annualized) for the quarter ended March 31, 2025, which is an increase of more than 3% compared to the first quarter of 2024. As of March 31, 2025, the Partnership's revolving credit facility had an aggregate $4.37 billion of available borrowing capacity. The Partnership continues to expect its 2025 Adjusted EBITDA to be between $16.1 billion and $16.5 billion, and its 2025 growth capital expenditures to be approximately $5 billion. Energy Transfer benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership's multiple segments generate high-quality, balanced earnings with no single segment contributing more than one-third of the Partnership's consolidated Adjusted EBITDA for the three months ended March 31, 2025. The vast majority of the Partnership's segment margins are fee-based and therefore have limited commodity price sensitivity. Conference call information: The Partnership has scheduled a conference call for 3:30 p.m. Central Time/4:30 p.m. Eastern Time on Tuesday, May 6, 2025 to discuss its first quarter 2025 results and provide an update on the Partnership. The conference call will be broadcast live via an internet webcast, which can be accessed through and will also be available for replay on the Partnership's website for a limited time. Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with more than 130,000 miles of pipeline and associated energy infrastructure. Energy Transfer's strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids ('NGL') and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and approximately 21% of the outstanding common units of Sunoco LP (NYSE: SUN), and the general partner interests and approximately 39% of the outstanding common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico. SUN's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals. This critical infrastructure complements SUN's fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers. SUN's general partner is owned by Energy Transfer LP (NYSE: ET). For more information, visit the Sunoco LP website at USA Compression Partners, LP (NYSE: USAC) is one of the nation's largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USAC partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USAC focuses on providing midstream natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. For more information, visit the USAC website at Forward-Looking Statements This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results, including Adjusted EBITDA, and impact current projections, including capital expenditures, are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. The information contained in this press release is available on our website at ENERGY TRANSFER LP AND SUBSIDIARIES (In millions, except per unit data) (unaudited) Three Months Ended March 31, 2025 2024 REVENUES $ 21,020 $ 21,629 COSTS AND EXPENSES: Cost of products sold 15,571 16,597 Operating expenses 1,299 1,138 Depreciation, depletion and amortization 1,367 1,254 Selling, general and administrative 288 260 Impairment loss 4 — Total costs and expenses 18,529 19,249 OPERATING INCOME 2,491 2,380 OTHER INCOME (EXPENSE): Interest expense, net of interest capitalized (809 ) (728 ) Equity in earnings of unconsolidated affiliates 92 98 Losses on extinguishments of debt (2 ) (5 ) Gain on interest rate derivative — 9 Other, net (11 ) 27 INCOME BEFORE INCOME TAX EXPENSE 1,761 1,781 Income tax expense 41 89 NET INCOME 1,720 1,692 Less: Net income attributable to noncontrolling interests 384 436 Less: Net income attributable to redeemable noncontrolling interests 13 16 NET INCOME ATTRIBUTABLE TO PARTNERS 1,323 1,240 General Partner's interest in net income 1 1 Preferred Unitholders' interest in net income 67 129 Loss on redemption of preferred units — 21 Common Unitholders' interest in net income $ 1,255 $ 1,089 NET INCOME PER COMMON UNIT: Basic $ 0.37 $ 0.32 Diluted $ 0.36 $ 0.32 WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING: Basic 3,431.4 3,368.6 Diluted 3,452.9 3,390.1 Expand ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (Dollars and units in millions) (unaudited) Three Months Ended March 31, 2025 2024 Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a): Net income $ 1,720 $ 1,692 Depreciation, depletion and amortization 1,367 1,254 Interest expense, net of interest capitalized 809 728 Income tax expense 41 89 Impairment loss 4 — Gain on interest rate derivative — (9 ) Non-cash compensation expense 37 46 Unrealized losses on commodity risk management activities 69 141 Inventory valuation adjustments (Sunoco LP) (61 ) (130 ) Losses on extinguishments of debt 2 5 Adjusted EBITDA related to unconsolidated affiliates 167 171 Equity in earnings of unconsolidated affiliates (92 ) (98 ) Other, net 35 (9 ) Adjusted EBITDA (consolidated) 4,098 3,880 Adjusted EBITDA related to unconsolidated affiliates (b) (167 ) (171 ) Distributable cash flow from unconsolidated affiliates (b) 111 125 Interest expense, net of interest capitalized (809 ) (728 ) Preferred unitholders' distributions (72 ) (118 ) Current income tax expense (57 ) (22 ) Maintenance capital expenditures (202 ) (135 ) Other, net 22 37 Distributable Cash Flow (consolidated) 2,924 2,868 Distributable Cash Flow attributable to Sunoco LP (310 ) (171 ) Distributions from Sunoco LP 64 61 Distributable Cash Flow attributable to USAC (100%) (89 ) (87 ) Distributions from USAC 24 24 Distributable Cash Flow attributable to noncontrolling interests in other non-wholly owned consolidated subsidiaries (308 ) (342 ) Distributable Cash Flow attributable to the partners of Energy Transfer 2,305 2,353 Transaction-related adjustments 2 3 Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted $ 2,307 $ 2,356 Distributions to partners: Limited Partners $ 1,124 $ 1,070 General Partner 1 1 Total distributions to be paid to partners $ 1,125 $ 1,071 Common Units outstanding – end of period 3,431.7 3,369.9 Expand (a) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer's fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities or other GAAP measures. There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company's net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measures that are computed in accordance with GAAP, such as operating income, net income and cash flows from operating activities. Definition of Adjusted EBITDA We define Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out ('LIFO'). These amounts are unrealized valuation adjustments applied to Sunoco LP's fuel volumes remaining in inventory at the end of the period. Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly. Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation. Definition of Distributable Cash Flow We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership's proportionate share of the investees' distributable cash flow. Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations. On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of Energy Transfer's consolidated subsidiaries. However, to the extent that noncontrolling interests exist among our subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to our partners, we have reported Distributable Cash Flow attributable to partners, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows: For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to our partners includes distributions to be received by the parent company with respect to the periods presented. For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiaries, but Distributable Cash Flow attributable to partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest. For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related adjustments and non-recurring expenses that are included in net income are excluded. (b) These amounts exclude Sunoco LP's Adjusted EBITDA and distributable cash flow related to its investment in the ET-S Permian joint venture, which amounts are eliminated in the Energy Transfer consolidation. Expand The following analysis of segment operating results includes a measure of segment margin. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment margin is similar to the GAAP measure of gross margin, except that segment margin excludes charges for depreciation, depletion and amortization. Among the GAAP measures reported by the Partnership, the most directly comparable measure to segment margin is Segment Adjusted EBITDA; a reconciliation of segment margin to Segment Adjusted EBITDA is included in the following tables for each segment where segment margin is presented. Transported volumes of gas on our Texas and Oklahoma intrastate pipelines increased primarily due to more third party transportation, partially offset by lower gas production from the Haynesville area. Transported volumes reported above exclude volumes attributable to purchases and sales of gas for our pipelines' own accounts and the optimization of any unused capacity. Segment Adjusted EBITDA. For the three months ended March 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment decreased due to the net impact of the following: a decrease of $122 million in realized natural gas sales and other primarily due to lower pipeline optimization as a result of lower volatility in natural gas prices; and an increase of $4 million in operating expenses primarily due to increases in project costs, employee costs and ad valorem taxes; partially offset by an increase of $26 million in storage margin primarily due to higher storage optimization; and an increase of $8 million in retained fuel margin primarily due to higher gas prices. Transported volumes increased primarily due to more capacity sold and higher utilization on our Panhandle, Trunkline and Gulf Run systems due to increased demand. Segment Adjusted EBITDA. For the three months ended March 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment increased due to the net impact of the following: an increase of $18 million in segment margin primarily due to a $9 million increase in operational gas sales resulting from higher prices, a $5 million increase in storage and parking revenue and a $4 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes at higher rates; a decrease of $14 million in operating expenses primarily due to lower maintenance costs; and an increase of $1 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to an increase from our Southeast Supply Header joint venture; partially offset by an increase of $4 million in selling, general and administrative expenses primarily due to an increase in employee costs. Gathered volumes increased primarily due to newly acquired assets and higher volumes in the Permian region, partially offset by declines in other regions. NGL production increased primarily due to recently acquired assets and increased Permian plant utilization. Segment Adjusted EBITDA. For the three months ended March 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net impact of the following: an increase of $153 million in segment margin primarily due to recently acquired assets and higher volumes in the Permian region; an increase of $160 million in segment margin due to the non-recurring recognition of certain amounts associated with Winter Storm Uri in 2021, which represents the remainder of midstream segment margin from Winter Storm Uri that had not already been recognized. In our intrastate transportation and storage segment, a total of approximately $285 million of previously invoiced amounts, excluding interest, related to Winter Storm Uri are currently disputed by customers and remain unrecognized, of which approximately $263 million is due from CPS Energy; and an increase of $28 million in segment margin due to higher natural gas prices of $35 million offset by lower NGL prices of $7 million; partially offset by an increase of $98 million in operating expenses primarily due to recent acquisitions and assets placed in service; and an increase of $12 million in selling, general and administrative expenses due to higher corporate allocations, as well as the impact of a $5 million decrease in workers' compensation reserve in the prior period. NGL transportation volumes increased primarily due to higher volumes from the Permian region and on our Mariner East pipeline system. The increase in transportation volumes also led to higher fractionated volumes at our Mont Belvieu NGL Complex. Segment Adjusted EBITDA. For the three months ended March 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment decreased due to the net impact of the following: an increase of $19 million in operating expenses primarily due to a $10 million increase in gas and power utility costs and a $6 million increase in employee costs; a decrease of $15 million in fractionators and refinery services margin primarily due to lower gains from blending activities; and an increase of $6 million in selling, general and administrative expenses primarily due to increased costs from recently acquired assets; partially offset by an increase of $24 million in terminal services margin primarily due to a $22 million increase in fees from loading NGL volumes for export at our Nederland and Marcus Hook terminals and a $2 million increase from higher throughput and storage at our refined product terminals; and an increase of $2 million in storage margin primarily due to the timing of deficiency payments. Crude oil transportation volumes were higher due to continued growth on our gathering systems and from assets contributed upon the recent formation of the ET-S Permian joint venture with Sunoco LP, partially offset by lower volumes on our Bakken Pipeline. Segment Adjusted EBITDA. For the three months ended March 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment decreased due to the net impact of the following: a decrease of $69 million in segment margin (excluding unrealized losses on commodity risk management activities) due to decreased transportation and the timing of optimization losses realized during the quarter which we expect to partially reverse in future periods, partially offset by increases from assets contributed upon the formation of ET-S Permian; an increase of $25 million in operating expenses primarily due to a $9 million increase from assets contributed upon the formation of ET-S Permian, a $7 million increase in volume-driven expenses, and a $5 million increase in employee expenses; an increase of $8 million in selling, general and administrative expenses primarily due to costs associated with ET-S Permian; and a decrease of $3 million in Adjusted EBITDA related to unconsolidated affiliates due to lower volumes and lower re-contracted rates. The investment in Sunoco LP segment reflects the consolidated results of Sunoco LP. Segment Adjusted EBITDA. For the three months ended March 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP increased due to the net impact of the following: an increase of $224 million in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to the acquisitions of NuStar and Zenith European terminals; and an increase of $47 million in Adjusted EBITDA related to unconsolidated affiliates due to the formation of ET-S Permian; partially offset by an increase of $53 million in operating expenses and $4 million in selling, general and administrative expenses primarily due to the acquisitions of NuStar and Zenith European terminals. The investment in USAC segment reflects the consolidated results of USAC. Segment Adjusted EBITDA. For the three months ended March 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased due to the net impact of the following: an increase of $14 million in segment margin primarily due to higher market-based rates on newly deployed and redeployed compression units and higher average rates on existing customer contracts, and higher revenue-generating horsepower as a result of increased demand for compression services; partially offset by an increase of $4 million in operating expenses primarily due to an increase in employee costs associated with increased revenue-generating horsepower. Segment Adjusted EBITDA. For the three months ended March 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment decreased due to the net impact of the following: a decrease of $47 million due to intersegment eliminations of Sunoco LP's 32.5% share of ET-S Permian, which is consolidated in our crude oil transportation and services segment and also reflected as an unconsolidated affiliate in our investment in Sunoco LP segment; and a decrease of $13 million in our natural gas marketing business due to the timing of gains on stored natural gas in the prior period; partially offset by an increase of $3 million in rental income on recently acquired real estate. ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES (In millions) (unaudited) The table below provides information on an aggregated basis for our unconsolidated affiliates, which are accounted for as equity method investments in the Partnership's financial statements for the periods presented. Three Months Ended 2025 2024 Equity in earnings of unconsolidated affiliates: Citrus $ 33 $ 37 MEP 17 17 White Cliffs 3 6 Explorer 7 6 SESH 14 10 Other 18 22 Total equity in earnings of unconsolidated affiliates $ 92 $ 98 Adjusted EBITDA related to unconsolidated affiliates: Citrus $ 79 $ 81 MEP 26 26 White Cliffs 8 11 Explorer 11 10 SESH 15 13 Other 28 30 Total Adjusted EBITDA related to unconsolidated affiliates $ 167 $ 171 Distributions received from unconsolidated affiliates: Citrus $ 30 $ 33 MEP 26 23 White Cliffs 9 11 Explorer 5 8 SESH 8 18 Other 19 14 Total distributions received from unconsolidated affiliates $ 97 $ 107 Expand ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON NON-WHOLLY OWNED JOINT VENTURE SUBSIDIARIES (In millions) (unaudited) The table below provides information on an aggregated basis for our non-wholly owned joint venture subsidiaries, which are reflected on a consolidated basis in our financial statements. The table below excludes Sunoco LP and USAC, which are non-wholly owned subsidiaries that are publicly traded, as well as Sunoco LP's 32.5% interest in the ET-S Permian joint venture. Three Months Ended March 31, 2025 2024 Adjusted EBITDA of non-wholly owned subsidiaries (100%) (a) $ 607 $ 669 Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries (b) 297 321 Distributable Cash Flow of non-wholly owned subsidiaries (100%) (c) $ 587 $ 645 Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries (d) 279 303 Expand Below is our ownership percentage of certain non-wholly owned subsidiaries: Non-wholly owned subsidiary: Energy Transfer Percentage Ownership (e) Bakken Pipeline 36.4 % Bayou Bridge 60.0 % Maurepas 51.0 % Ohio River System 75.0 % Permian Express Partners 87.7 % Red Bluff Express 70.0 % Rover 32.6 % Others various Expand (a) Adjusted EBITDA of non-wholly owned subsidiaries reflects the total Adjusted EBITDA of our non-wholly owned subsidiaries on an aggregated basis. This is the amount included in our consolidated non-GAAP measure of Adjusted EBITDA. (b) Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries reflects the amount of Adjusted EBITDA of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. (c) Distributable Cash Flow of non-wholly owned subsidiaries reflects the total Distributable Cash Flow of our non-wholly owned subsidiaries on an aggregated basis. (d) Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries reflects the amount of Distributable Cash Flow of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. This is the amount included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of Energy Transfer. (e) Our ownership reflects the total economic interest held by us and our subsidiaries. In some cases, this percentage comprises ownership interests held in (or by) multiple entities. Expand
Martechvibe
24-04-2025
- Business
- Martechvibe
MidOcean Partners Acquires GSTV
With a footprint of more than 29,000 retail locations, GSTV delivers contextually relevant video advertising supported by advanced data and analytics. MidOcean Partners, a premier New York-based alternative asset manager specialising in middle-market private equity, alternative credit investments and structured equity, announced the acquisition of GSTV, the national on-the-go video network engaging and entertaining targeted audiences at scale across tens of thousands of fuel retailers, from Rockbridge Growth Equity. Founded in 2005, GSTV engages over 115 million monthly high-intent viewers at fuel and convenience retail locations, delivering targeted, full-sound video advertising to consumers at a key moment on their path to purchase. Rockbridge will retain a stake in the Company. Financial terms were not disclosed. With a footprint of more than 29,000 retail locations, GSTV delivers contextually relevant video advertising supported by advanced data and analytics. The network reaches high-intent audiences at scale, helping major brands drive immediate consumer action and build lasting brand equity. GSTV's leadership in the fast-growing digital video, digital out-of-home, and retail media categories positions the Company to continue benefiting from the secular shift away from traditional linear advertising toward performance-driven media. ALSO READ: SAS Partners with Retail Media Players 'GSTV is uniquely positioned at the intersection of retail media, digital video, and digital out-of-home – three of the fastest-growing areas in advertising today,' said Marshall Phelps, Managing Director at MidOcean. 'Brands are increasingly seeking measurable, high-impact ways to engage consumers near the point of purchase, and GSTV's national scale and ability to deliver contextually relevant content in real time delivers proven results. Our investment thesis in this space was developed in partnership with our executive advisors Jim Wilson and Eric Kozic, who bring deep expertise in digital media and marketing services to MidOcean. We're thrilled to have Jim joining as Chairman of the Board and look forward to partnering with Sean McCaffrey and the GSTV team to support the Company's continued expansion.' 'We're thrilled to partner with MidOcean to accelerate GSTV's next phase of growth,' said Sean McCaffrey, CEO of GSTV. 'The convergence of digital video, retail media, and data-driven advertising presents an extraordinary opportunity – and GSTV sits at the center of that evolution. MidOcean's strategic insight, operating experience, and track record in scaling media platforms make them the ideal partner as we expand our national footprint, deepen our retail and programmatic capabilities, and continue delivering measurable impact for our brand partners.' Gibson Dunn acted as legal advisor to MidOcean. Moelis & Company LLC and Solomon Partners served as financial advisors to GSTV and Honigman served as legal advisor. ALSO READ: AR Meta Stores Transform Any Location into a Virtual Storefront The Martechvibe team works with a staff of in-house writers and industry experts. View More acquisitionsGSTVMidOceanretailersvideo advertising Locala's omnichannel advertising platform leverages granular insights and cutting-edge AI to help marketers plan, activate, and measure campaigns that are personalised to the local consumer. It specialises in transforming complex mobility and consumer data into actionable audience insights, fueling advanced media strategies. VISIT WEBSITE Blue Prism is a global software provider, offering ROM 2, an intelligent automation implementation methodology that empowers teams to scale their digital workflow. One of its use cases is sales and marketing solutions, which is powered by artificial intelligence (AI) and machine learning (ML) algorithms. 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It provides fully composable content management, digital asset management, creative workflows, personalisation, targeting and customer data technologies in one place, ensuring a holistic approach to B2B, B2E and B2C experiences. VISIT WEBSITE Neptune DXP is a PaaS(Platform-as-a-Service) provider, helping marketing teams build custom apps based on modular, reusable application building blocks. The company offers flexible environments to businesses across different verticals, further providing personalised digital solutions at scale. VISIT WEBSITE Magnolia is a composable DXP that comes with no-code connector packs and low-code micro-frameworks for third-party integrations. It also offers an open-source version alongside its commercial plans enabling enterprises to build tailored use cases. VISIT WEBSITE Liferay DXP helps marketers deliver personalised and connected digital experiences across a broad range of channels, including customer portals, websites, intranets, mobile apps, and connected devices. It offers intuitive CMS, user analytics, and site management tools that businesses need to launch, test and optimise digital experiences for faster go-to-market. VISIT WEBSITE Powered by IBM Consulting, IBM iX offers a composable DXP, providing a comprehensive solution to make enterprises' systems future-ready. Utilising its data-driven insights and intelligent workflows, marketers can design and deliver human-centred experiences across the customer lifecycle. VISIT WEBSITE HCL Digital Experience (DX), forms part of a wider HCL Customer Experience (CX) product portfolio, offering core capabilities such as content management, DAM, CDP called Signals, and low-code application development. It provides services in government, life sciences, insurance, financial services, and other verticals. VISIT WEBSITE Contentstack is a headless CMS and Composable Digital Experience Platform (DXP) solution provider that helps marketers gain a competitive edge. It recently launched into Google Cloud Marketplace, and is also available on Microsoft Azure and AWS. It seamlessly enables mid-market brands to adopt its omnichannel campaign engine to drive higher conversions and sales. VISIT WEBSITE Bloomreach Commerce Experience Cloud provides businesses an edge with its modular capabilities: Content Management System (CMS), Discovery features for search and merchandising optimisation, and Engagement tools such as Customer Data Platforms (CDP) for personalisation and analytics. VISIT WEBSITE Adobe Experience Cloud offers a comprehensive set of services specifically designed to address the day-to-day requirements for personalised customer experience at scale. Its platform helps manage different digital content and assets to improve customer satisfaction. Some of its products include Adobe Gen Studio, Experience Manager Sites, Real-time CDP, and Marketo Engage. VISIT WEBSITE Acquia offers DXP solutions, comprising of two main elements: Acquia Drupal Cloud and Acquia Marketing Cloud. It can be accessed in both platform-as-a-service (PaaS) and software-as-a-service (SaaS) with additional components such as Site Factory for multisite management, digital asset management (DAM), CDP, personalisation, and Campaign Studio. VISIT WEBSITE
Malaysian Reserve
22-04-2025
- Business
- Malaysian Reserve
Rockbridge Growth Equity Sells GSTV to MidOcean Partners
GSTV, a Video Network Available at Fuel and Convenience Retailers Nationwide, Completed Several Major Strategic Initiatives Under Rockbridge's Sponsorship DETROIT, April 21, 2025 /PRNewswire/ — Rockbridge Growth Equity ('Rockbridge'), a partnership-oriented middle market private equity firm with a differentiated approach to building and growing companies, announced today that it has sold GSTV (or 'the Company') to MidOcean Partners. Rockbridge will retain a minority stake in GSTV, a video network available at fuel and convenience retailers nationwide. Financial terms of the transaction were not disclosed. GSTV is a data-driven, national video platform entertaining targeted audiences at scale across 29,000+ fuel retailers. The Company helps drive immediate purchase decisions and creates lasting brand impressions for some of the world's largest advertisers. Positioned at the intersection of high-growth DOOH, digital video, and retail media, GSTV is poised to accelerate into the future. 'Through our partnership with the GSTV team, we successfully transformed the business to realize new opportunities in an evolving media landscape,' said Brian Hermelin, Managing Partner and co-founder of Rockbridge. 'Rockbridge understood that advertisers need new channels to reach today's consumers, and GSTV has delivered a captive audience that we believe has more potential to grow. We look forward to supporting the GSTV and MidOcean teams as the Company embarks on its next chapter.' Under Rockbridge's sponsorship, GSTV completed several major strategic initiatives. These include recruiting key additions to the Company's management team; scaling the sales and marketing teams; expanding analytics capabilities; completing a strategic merger; investing in programmatic capabilities; and diversifying revenue sources. 'Rockbridge has been a strong partner to GSTV over the years, and we are proud of the accomplishments we achieved together,' said Sean McCaffrey, CEO of GSTV. 'We are excited for the future and working together with MidOcean and Rockbridge on new initiatives.' Moelis & Company LLC and Solomon Partners served as financial advisors to GSTV and Honigman served as legal advisor to Rockbridge and GSTV. Gibson Dunn was legal advisor to MidOcean. ABOUT GSTV GSTV is America's most engaging, on-the-go video network. GSTV is a data-driven, national video platform entertaining targeted audiences at scale across tens of thousands of fuel retailers. Reaching 45% of adults monthly, GSTV engages viewers at an essential waypoint of their consumer journey, and GSTV is the only consolidated and scaled digital media platform in the convenience and fuel channel. While offering consumers entertaining and informative content, GSTV drives immediate action and creates lasting brand impressions, delivering measurable results, in-store conversions, and incremental sales for retailers and advertisers. Visit for more information and follow us on Facebook, Instagram, LinkedIn and X (Twitter). About Rockbridge Growth Equity Founded in 2007, Rockbridge Growth Equity is a middle market private equity firm committed to helping both founder-operated and established companies accelerate growth and build long-term, sustainable value. Rockbridge combines the flexibility of a financial sponsor with the benefits of a strategic partnership by leveraging the firm's relationship with the Rock Family of Companies, which provides access to industry and functional expertise. As of year-end 2024, Rockbridge has regulatory assets under management of over $1.7 billion across its target sectors: e-Commerce and Marketing Services, Financial Services and Fintech, Tech-Enabled Products and Services, and Digital Media. For more information, please visit About MidOcean MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity, structured capital, and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts. For more information, please visit: MEDIA CONTACT FOR ROCKBRIDGE: Lambert Jennifer Hurson[email protected] or Caroline Luz [email protected]
