The Energy & Minerals Group (“EMG” or the “Firm”), a private equity firm focused on the natural resources sector, which includes the extraction and processing of critical metals and minerals to facilitate decarbonization as well as upstream and midstream energy, announced today that it has closed a continuation vehicle (the “Continuation Vehicle”) transaction for the acquisition by the Continuation Vehicle of interests in Ascent Resources, LLC (“Ascent” or the “Company”) previously owned by certain funds managed by EMG. The aggregate capital commitments to the Continuation Vehicle are $1.5 billion.
This transaction allows the Continuation Vehicle to continue to participate in the development of Ascent’s high-quality inventory, capitalizing on a constructive natural gas backdrop. EMG was pleased by the investor interest in the opportunity, noting the long-term investors who have continued to partner with the Firm for the next phase of this business, in addition to several new institutional investors that chose to invest with EMG in this Continuation Vehicle.
“We are appreciative of the support from our legacy LPs as well as the new investors in the EMG Ascent CV. We look forward to continuing the relationship with the Ascent management team as they successfully build out a premier domestic natural gas business,” stated John Raymond, Founder and Managing Partner of EMG.
Ascent is an exploration and production operation focusing on acquiring, developing, producing and operating natural gas and oil properties in the Ohio Utica Shale.
Evercore Group L.L.C. acted as sole financial advisor to EMG on the Continuation Vehicle.
Kirkland & Ellis LLP served as legal counsel to EMG on the Continuation Vehicle transaction.