In November 2013, ECP made an investment in Rimrock Midstream, LLC from its Mezzanine Opportunities Fund. Rimrock was a growth-oriented company formed to acquire, develop and operate a portfolio of midstream energy infrastructure assets through a buy-and-build strategy.
During our investment, Rimrock owned a 1.15 million barrel crude storage facility in El Dorado, Kansas and the Flint Hills pipeline, a 40 mile crude gathering system that brings oil produced in Kansas to the El Dorado facility.
In November 2014, Rimrock sold its 50% stake in Grand Mesa Pipeline, LLC to its joint venture partner, NGL Energy Partners, LP. Grand Mesa is a project company that owns a proposed 550-mile crude oil pipeline project to be built from Colorado to Cushing, Oklahoma. This sale resulted in the repayment of ECP's loan to the business.