Steel Reef Infrastructure Valuation, Funding & Investors

Steel Reef Infrastructure is valued at $266M as of April 2016.

Last Steel Reef Infrastructure valuation

$266M

Undisclosed stage · Apr 2016

Last Steel Reef Infrastructure funding round

$69M

Undisclosed stage · Feb 2019

Cumulative funding Steel Reef Infrastructure raised

$127M

across 2 funding rounds

Key investors in Steel Reef Infrastructure

  • InstarAGF Asset Management
  • SaskWorks Venture Fund
  • Pfm Capital

Steel Reef Infrastructure Overview

About Steel Reef Infrastructure

Steel Reef Infrastructure is a Calgary-headquartered energy company operating midstream infrastructure to capture, process, and transport flared natural gas from oil production sites. Its facilities convert associated gas into renewable natural gas used for residential heating, crop drying, power generation, and industrial applications. The firm reduces methane emissions across Western Canada by integrating compression, dehydration, and pipeline delivery systems at multiple oilfield locations.


Founded

2010

HQ

CanadaCalgary

Status

Privately held

Customer focus

B2B

Revenue model

Usage-based

Valuation

$266M (Apr 2016)

Steel Reef Infrastructure Valuation

Steel Reef Infrastructure is currently valued at $266M, based on its undisclosed-stage round in April 2016.

The $59M round was led by InstarAGF Asset Management.

Steel Reef Infrastructure valuation by funding round

Steel Reef Infrastructure valuation by funding round
DateStageValuation
Apr 2016Undisclosed stage$266M

Steel Reef Infrastructure Funding History

Steel Reef Infrastructure has raised a total of $127M across 2 funding rounds.

Steel Reef Infrastructure's first fundraising round was a $59M undisclosed-stage round in April 2016. The most recent completed round was a $69M undisclosed-stage round in February 2019.

Steel Reef Infrastructure funding rounds

Steel Reef Infrastructure funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2019Undisclosed stageSaskWorks Venture Fund; Pfm Capital; InstarAGF Asset Management$69M-Steel Reef Infrastructure Corp., formed in 2012, is a privately held midstream company that owns and operates high-quality processing and transportation facilities for oil, natural gas, and natural gas liquids in the Western Canadian Sedimentary Basin. On February 8, 2019, it completed a $90.5 million CAD equity financing from investors including funds managed by PFM Capital Inc., InstarAGF Asset Management, and institutional co-investors, issuing 36,203,111 common shares at $2.50 per share to support growth through customer relationships and strategic acquisitions. By then, Steel Reef had deployed approximately $390 million into its asset portfolio, including recent 2018 acquisitions of Steelman, Coleville, and Glen Ewen gas plants and gathering systems in Saskatchewan. The company focuses on partnering with oil and gas producers to build midstream assets via acquisition or construction, aiming to generate regular dividends for investors. It plans to expand associated gas processing infrastructure in the Williston Basin across Canada and the US, with vertical integration from its existing base. Later developments include a November 2019 announcement of a $500 million CAD acquisition of gas gathering, processing, and sales assets from Crescent Point Energy in Saskatchewan, funded by existing investors, with long-term take-or-pay commitments and a $30 million expansion commitment. By that time, cumulative asset deployment reached about $450 million. The deal closed in 2020, securing over 90 MMcf/d throughput capacity.
Apr 2016Undisclosed stageInstarAGF Asset Management (lead)$59M$266MSteel Reef Infrastructure Corp., formed in 2012, is a privately held Canadian midstream company that owns and operates high-quality processing and transportation facilities providing value-added services for oil, natural gas, and natural gas liquids in low-cost, high-quality formations within the Western Canadian Sedimentary Basin. On April 20, 2016, InstarAGF Essential Infrastructure Fund invested $75 million CAD in equity, subscribing for 34,883,721 common shares at $2.15 per share, acquiring a 20.6% minority stake. This investment supported near-term organic growth initiatives and new infrastructure projects in top-tier basins, with Steel Reef focused on maximizing portfolio value and pursuing opportunities to create investor value. Gregory J. Smith, President and CEO of InstarAGF, joined Steel Reef's Board of Directors as part of the deal, highlighting the company's stable cash flows, proven management, and operations in superior basins with strong fundamentals. Scott Southward, Steel Reef's President and CEO, welcomed the investment to fund growth while maintaining a focus on customer relationships and asset optimization. The transaction marked one of the early deployments from InstarAGF's Essential Infrastructure Fund, which later reached a C$740 million final close, with about 30% of capital committed including the Steel Reef stake alongside investments in Toronto's Billy Bishop Airport terminal and a BC wind facility. Subsequent financings included a $90.5 million CAD equity raise in February 2019 at $2.50 per share from investors including InstarAGF and PFM Capital, bringing total capital deployed since inception to approximately $390 million by then. Steel Reef continued expanding through acquisitions like the Steelman, Coleville, and Glen Ewen gas plants in Saskatchewan in 2018.

Who has invested in Steel Reef Infrastructure?

3 investors have backed Steel Reef Infrastructure across its funding rounds, including InstarAGF Asset Management, SaskWorks Venture Fund and Pfm Capital.

Lead investors include InstarAGF Asset Management.


Steel Reef Infrastructure Investors

Investors in Steel Reef Infrastructure by funding rounds participated
InvestorHQRoundsRoleFirst check
InstarAGF Asset ManagementCanadaToronto2LeadApr 2016

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Steel Reef Infrastructure Competitors

Steel Reef Infrastructure competitors include listed companies like Hunter Group, Imperial Ptrl, Kistos Holdings and KN Energies, and private ones like Stockyard Hill Wind Farm and HydrogenXT.

Public and private companies comparable to Steel Reef Infrastructure
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hunter GroupNorwayNorwayPublicly listed$15M$14M$265M-
Imperial PtrlGreeceGreecePublicly listed$161M$71M$264M0.1x
Kistos HoldingsUnited KingdomUnited KingdomPublicly listed$216M$99M$329M2.0x
Stockyard Hill Wind FarmAustraliaBeaufortPrivate--$330M-
KN EnergiesLithuaniaLithuaniaPublicly listed$121M$62M$214M-
HydrogenXTUnited StatesLos Angeles, CAPrivate--$130M-

Steel Reef Infrastructure Public Comps

Steel Reef Infrastructure is still privately-owned, but its public comps include Hunter Group, Imperial Ptrl, Beetaloo Energy Australia, Edisun Power, Jadestone Energy, Oando, EnviTec Biogas, LW Bogdanka, Ecoener and Afentra.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hunter Group$15M$14M12.4x-13.8x-
Imperial Ptrl$161M$71M0.1x0.1x0.3x0.1x
Beetaloo Energy Australia$4M($12M)54.3x14.0x(19.8x)53.8x
Edisun Power$17M$7M32.6x-77.8x-
Jadestone Energy$408M($20M)0.8x0.8x(16.8x)4.2x
Oando$2.4B$257M0.8x-7.1x-
EnviTec Biogas$384M$69M1.1x-6.4x-
LW Bogdanka$754M$3M0.2x0.2x47.9x1.5x

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Common questions about Steel Reef Infrastructure

When was Steel Reef Infrastructure founded?Steel Reef Infrastructure was founded in 2010.
Where is Steel Reef Infrastructure headquartered?Steel Reef Infrastructure is headquartered in Calgary, Canada.
Is Steel Reef Infrastructure publicly listed?No, Steel Reef Infrastructure is a private, VC-backed company.
What is Steel Reef Infrastructure's valuation?Steel Reef Infrastructure was last valued at $266M in its undisclosed-stage round in April 2016.
How much funding has Steel Reef Infrastructure raised?Steel Reef Infrastructure has raised $127M across 2 funding rounds.
What was Steel Reef Infrastructure's last funding round?Steel Reef Infrastructure's last funding round was a $69M undisclosed-stage round in February 2019.
Who are Steel Reef Infrastructure's investors?Steel Reef Infrastructure's investors include InstarAGF Asset Management, SaskWorks Venture Fund and Pfm Capital.
Which companies are comparable to Steel Reef Infrastructure?Companies comparable to Steel Reef Infrastructure include Hunter Group, Imperial Ptrl, Kistos Holdings, Stockyard Hill Wind Farm, KN Energies and HydrogenXT.

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