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Crestwood Equity Partners LP Announces Strategic Transactions

Vinson & Elkins advised Crestwood Equity Partners (Crestwood) in a private placement of six million common units representing limited partner interests of Crestwood by Crestwood Gas Services Holdings LLC, a company controlled by an investment fund sponsored by First Reserve, for gross proceeds of $132 million. The private placement is expected to close March 30, 2021, subject to customary closing conditions.

Announced separately, V&E served as co-counsel to Crestwood with respect to certain matters in the execution of a series of definitive agreements with Crestwood Holdings LLC (Crestwood Holdings) whereby Crestwood will acquire approximately 11.5 million common units and the general partner interest from Crestwood Holdings for total consideration of approximately $268 million.

The V&E corporate team was led by partner Gillian Hobson, with senior associates Bo Shi and Lucy Liu and associate Madison Bertrand. Also advising were partner Ryan Carney and senior partner Price Manford and partner Shane Tucker.

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