Summit Midstream Raises $42 Million in Equity Deal with Tailwater

Summit Midstream has raised $42 million through an equity deal with Tailwater Capital, strengthening its balance sheet and funding growth projects.

(P&GJ) — Summit Midstream Corp. has raised $42 million through a private equity placement with an affiliate of Tailwater Capital, providing funding for debt reduction and future growth projects.

The company agreed to issue about 1.35 million shares at $31.08 per share, with proceeds expected to be used to pay down borrowings and support capital investments across its midstream operations.

Chief Executive Heath Deneke said the investment expands Summit’s relationship with Tailwater and strengthens its financial position. He said the funding will support execution of the company’s growth projects while advancing its leverage targets.

Tailwater, already Summit’s largest shareholder, is expected to hold roughly 39% of the company’s equity following the transaction. The investment underscores continued backing from a key partner as Summit advances development across its asset base.

Jason Downie, co-founder and managing partner at Tailwater, said the firm expects Summit to benefit from strong long-term fundamentals in U.S. oil and gas infrastructure and sees continued momentum in its growth strategy.