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- Stakeholder Midstream
Stakeholder Midstream Acquisition, Valuation, Funding & Investors
Stakeholder Midstream was acquired by Targa Resources for $1.3B in December 2025.
Cumulative funding Stakeholder Midstream raised
$250M
across 1 funding round
Key investors in Stakeholder Midstream
EnCap Flatrock Midstream
About Stakeholder Midstream
Stakeholder Midstream is a midstream energy services provider headquartered in Tulsa, Oklahoma. The company develops natural gas gathering, compression, treating, and processing facilities, including NGL extraction. It operates carbon capture and sequestration sites with injection wells storing CO2 from industrial sources. Active in the Permian and Anadarko basins, Stakeholder Midstream provides disposal services to oil and gas producers.
Founded
2015
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Services, Usage-based
Valuation
$1.3B (acquired Dec 2025)
Stakeholder Midstream Acquisition
Stakeholder Midstream was acquired by Targa Resources for $1.3B on 1 December 2025.
Before the acquisition Stakeholder Midstream had raised $250M across 1 funding round.
Stakeholder Midstream, headquartered in San Antonio and sponsored by EnCap Flatrock Midstream, provides natural gas gathering, treating, and processing services along with crude gathering and storage in the Permian Basin across West Texas and Southeast New Mexico. Its assets include approximately 480 miles of natural gas pipelines, 180 MMcf/d of cryogenic natural gas processing and sour treating capacity, the San Andres Crude Gathering System, the Campo Viejo Gas Gathering System, and carbon sequestration wells at Pozo Acido and Rattlesnake that generate 45Q tax credits. Operations are supported by long-term, fee-based contracts over 170,000 dedicated acres, primarily in Yoakum and Gaines counties, Texas, and Lea County, New Mexico, with processing plants running at around 60% utilization. Targa Resources Corp., a Houston-based midstream services provider and one of North America's largest independent infrastructure companies, agreed on December 1, 2025, to acquire Stakeholder Midstream for $1.25 billion in cash, valued at approximately 6x estimated 2026 unlevered free cash flow. The bolt-on transaction, funded via cash on hand and Targa's $3.5 billion revolving credit facility, is expected to close in Q1 2026, subject to regulatory approvals, and deliver about $200 million in annual adjusted free cash flow with stable to growing volumes and minimal capital needs. Targa CEO Matt Meloy highlighted the accretive valuation, strong producer relationships, and synergy with Targa's Permian treating and CCUS footprint, enhancing organic growth and network optimization in the northern Delaware Basin. The deal expands Targa's contiguous gas gathering and processing systems, providing operating leverage for future Permian production growth amid record U.S. natural gas output in 2025, while offering optionality to monetize non-core assets like the crude system. Advisors included RBC Capital Markets for Targa and Jefferies for Stakeholder, with legal teams from Latham & Watkins, Willkie Farr & Gallagher, and Clifford Chance.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 1 Dec 2025 | Strategic M&A | $1.3B |
Stakeholder Midstream Funding History
Stakeholder Midstream has raised a total of $250M across 1 funding round.
Stakeholder Midstream funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2015 | Undisclosed stage | EnCap Flatrock Midstream (lead) | $250M | Stakeholder Midstream, LLC was formed on July 7, 2015, in San Antonio with an initial equity commitment of $250 million from EnCap Flatrock Midstream to provide midstream solutions to oil and gas producers in unconventional shale plays across North America. The company's services include in-field natural gas gathering, compression, treating and processing; innovative NGL solutions; and crude oil gathering, transportation and storage. The management team, led by Principal and CEO Robert Liddell, brought deep experience from the Eagle Ford Shale and other major basins. EnCap Flatrock Midstream, a private equity firm focused on midstream infrastructure, provided the growth capital from its EFM Fund III, a $3 billion fund, reflecting confidence in the team's track record in deploying capital and developing assets. Managing partner Bill Waldrip joined the board, emphasizing the firm's strategy of backing skilled teams to meet producers' midstream needs quickly and effectively. The company grew post-formation, acquiring assets like gas gathering and processing from Santa Fe Midstream, and expanding in plays such as the San Andres despite market challenges. Stakeholder was eventually acquired by Targa Resources in January 2026 for $1.25 billion, enhancing Targa's Permian Basin footprint. |
Who has invested in Stakeholder Midstream?
1 investor has backed Stakeholder Midstream across its funding rounds, including EnCap Flatrock Midstream.
Lead investors include EnCap Flatrock Midstream.
Stakeholder Midstream Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialStakeholder Midstream Competitors
Stakeholder Midstream competitors include listed companies like Longshine Technology, National Gas, Kenya Pipeline Company and Bristow Group, and private ones like Clean Planet and Electra.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $674M | $24M | $1.4B | 1.8x | ||
| Publicly listed | $868M | $84M | $1.2B | - | ||
| Publicly listed | $317M | - | $1.3B | - | ||
| Publicly listed | $1.5B | $263M | $1.2B | 1.2x | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.2B | - |
Stakeholder Midstream Public Comps
Stakeholder Midstream is no longer listed, but its public comps include National Gas, Kenya Pipeline Company, Birchcliff Energy, JoPetrol, Advantage Energy, Bristow Group, ProPetro Holding, Teekay, Shoals and Total Energies Marketing Maroc.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $868M | $84M | 1.4x | - | 14.6x | - | |||
| $317M | - | 4.1x | - | - | - | |||
| $521M | $278M | 3.2x | 2.9x | 5.9x | 4.8x | |||
| $2B | $225M | 1.2x | 1.0x | 11.2x | 12.9x | |||
| $506M | $257M | 3.6x | 3.2x | 7.1x | 5.6x | |||
| $1.5B | $263M | 1.3x | 1.2x | 7.2x | 6.4x | |||
| $1.3B | $191M | 1.1x | 1.1x | 7.1x | 6.8x | |||
| $950M | $401M | 1.8x | 1.8x | 4.3x | - | |||
This data is available for Pro users. Sign up to see all Stakeholder Midstream competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Stakeholder Midstream
| When was Stakeholder Midstream founded? | Stakeholder Midstream was founded in 2015. |
| Where is Stakeholder Midstream headquartered? | Stakeholder Midstream is headquartered in San Antonio, TX, United States. |
| Is Stakeholder Midstream publicly listed? | No, Stakeholder Midstream was acquired by Targa Resources in December 2025. |
| Who acquired Stakeholder Midstream? | Stakeholder Midstream was acquired by Targa Resources in December 2025. |
| How much was Stakeholder Midstream acquired for? | Stakeholder Midstream was acquired for $1.3B in December 2025. |
| How much funding has Stakeholder Midstream raised? | Stakeholder Midstream has raised $250M across 1 funding round. |
| What was Stakeholder Midstream's last funding round? | Stakeholder Midstream's last funding round was a $250M undisclosed-stage round in July 2015, led by EnCap Flatrock Midstream. |
| Who are Stakeholder Midstream's investors? | Stakeholder Midstream's investors include EnCap Flatrock Midstream. |
| Which companies are comparable to Stakeholder Midstream? | Companies comparable to Stakeholder Midstream include Longshine Technology, National Gas, Kenya Pipeline Company, Bristow Group, Clean Planet and Electra. |
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