On 27 June 2017, TPG Growth announced it had entered into a definitive agreement to acquire Discovery for an undisclosed sum. Founded in 2015 by a group of industry veterans, Discovery is a provider of oil and natural gas gathering and natural gas processing services in the southern portion of Colorado’s Denver-Julesburg (DJ) Basin. The company’s assets, which are strategically located in Weld and Adams counties, are supported by long-term contracts with leading producers in the DJ Basin.
Discovery is currently constructing more than 120 miles of pipeline and a 60 million ft3/d natural gas processing plant, which is expected to come online in the third quarter of 2017. The company is expanding the plant capacity to 260 million ft3/d in 2018.
Through this transaction, Discovery gains access to the experience and insights of TPG’s energy team. The firm has a history of partnering with businesses that span the full energy value chain, through investments in companies such as EnLink Midstream, Copano Energy, Jonah Energy, and Northern Tier Energy.
