Moda Midstream LLC, a liquids terminaling and logistics provider, has secured an initial equity commitment of $750 million from EnCap Flatrock Midstream and the Moda management team. Moda was formed earlier this year to provide independent terminaling, storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids. Moda’s expertise includes deepwater vessel loading and unloading, storage, blending, processing and pipeline operations.
Moda Midstream is led by its four founding partners, president and CEO Ken Owen; senior vice president of commercial and business development Bo McCall; senior vice president and CFO Jon Ackerman; and senior vice president and COO Javier del Olmo. Moda’s founding partners worked together as members of the executive team at Oiltanking North America LLC and its publicly traded affiliate, Oiltanking Partners LP.
Moda Midstream was advised by Vinson & Elkins and Crain, Caton & James. EnCap Flatrock was advised by Thompson & Knight.