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Crestwood Equity Partners (fka Inergy)

exited

Energy / Midstream — First Reserve / CPPIB

Deal Terms

Entry Year2013
Entry EV$6B
Entry Multiple10x
Leverage5.5x
Debt Amount$3.3B

Outcome

Exit Year2023

Risk Metrics

LTV (est.)55%
Debt / EV0.55x

Notes

PE-backed midstream MLP. First Reserve and CPPIB invested heavily. Multiple acquisitions on leverage. Energy price volatility crushed distributions. Eventually merged into Energy Transfer (2023). PE investors got partial recovery but well below invested capital.

Sponsor

CPP Investments$632B AUM