Holland & Knight Represents Legacy Star Capital Partners in Platform Launch of Peak 10 Hermleigh and Initial Acquisition Closing
DALLAS (September 1, 2023) – Holland & Knight advised Legacy Star Capital Partners (Legacy Star) in its internal reorganization and formation of a new acquisition entity, Peak 10 Hermleigh LP (Peak 10), and the acquisition by Peak 10 of non-operated upstream oil and gas assets in Scurry and Fisher Counties in the Permian Basin. Coupling legacy assets held by Legacy Star and its affiliates and those included in this inaugural acquisition, Peak 10 launched as an oil and gas investment platform focused on acquiring oil and gas assets throughout the United States.
The purchase of non-operated upstream oil and gas assets and associated water handling and recycling assets in the Eastern Shelf of the Permian Basin in Fisher and Scurry Counties closed with a private seller on August 23.
Peak 10's capitalization consists of cash, contributed assets and future capital commitments from Legacy Star as well as debt financing from Prudential Private Capital, Prudential Energy Capital Partners LP, and Production Lending LLC, which in aggregate are estimated to exceed $500 million in balance sheet resources.
Austin-based Legacy Star is a generalist private equity firm focused on private debt and equity investment opportunities in the energy, real estate, infrastructure, manufacturing, specialty finance and technology sectors.
Holland & Knight's representation of Legacy Star was led by Oil and Gas Partners Robert Dougherty and Brooke Sizer and Corporate Partners Jeremiah Mayfield, Nathan Stone and Leslie Mahre, with help from Associates Anna Boyer, Cooper Overcash, Emily Smith and Samson Goriola. They were assisted by Tax Partner Todd Keator, Environmental Partner Ashley Phillips and Tax Associate Jessica Kirk.
More information on the transaction can be found here.