EnCap Flatrock Midstream, a private equity firm focusing on midstream opportunities in North America, is expanding its presence in Texas with the opening of a new office in Houston, where it will be in close proximity to oil and gas producers and some of its portfolio companies, the San Antonio-based firm said in a statement.
Managing director Sam Pitts, who joined EnCap Flatrock in 2014, will head the new office.
“As we saw increased demand for a Houston presence, we started looking for the best possible talent,” EnCap Flatrock managing partner and founder Bill Waldrip said. “Sam is a dynamic leader and an exceptionally talented midstream and energy finance expert.”
Pitts’ experience spans several years in investment banking during which time he advised on more than $50 billion worth of transactions and represented issuers in over $15 billion of securities offerings, according to the statement. Before joining EnCap Flatrock, he served as a member of the senior leadership team in Citigroup’s Global Energy Investment Banking Group where he focused on mergers and acquisitions and divestitures within the midstream and upstream sectors, as well as public and private capital market raises.
Formed in 2008 as a result of a partnership between EnCap Investments and Flatrock Energy Advisors, EnCap Flatrock currently manages investment commitments of nearly $6 billion on behalf of its institutional investors. It most recently closed EnCap Flatrock Midstream Fund III (EFM III) on $3 billion in April 2014. Like its predecessor funds, EFM III will invest in oil and gas storage and transportation companies in the North American energy sector.
In addition to its San Antonio headquarters and its new Houston office, EnCap Flatrock also has an office in Oklahoma City.