Energy and infrastructure private equity firm
Tailwater Capital
- HeadquartersDallas, TX S2
- Founded2013 S2
- Websitetailwatercapital.com
- Last verifiedOctober 20, 2026
At a glance
| Deal types | Platform, Add-on S5 |
|---|---|
| Sectors | Environmental & Waste |
What Tailwater Capital buys
Tailwater Capital is a Dallas private equity firm, founded in 2013, that invests in U.S. energy and infrastructure. It reports about $6.2 billion of committed capital and more than 300 transactions worth over $29 billion. Most of its money backs experienced management teams that build or buy hard assets: natural gas gathering, processing, storage and pipelines, crude oil and liquids terminals, and gas distribution. A second group of holdings handles energy waste and byproducts, including saltwater disposal for oil producers (Goodnight Midstream), used motor oil re-refining (Blue Tide), produced water treatment (Renovo Resources) and metal recovery from scrap (Momentum Technologies). An affiliate, Tailwater E&P, buys minority stakes in oil and gas wells and royalties.
The firm does not publish revenue or EBITDA criteria. It does buy established private companies: in December 2025 it took a majority of Central Midstream, a Gulf Coast and Ohio logistics business the Jordan family had run for over 50 years. A smaller oilfield water or recycling company is most likely to meet Tailwater as a bolt-on to a platform such as Goodnight.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Silver Creek Midstream (Powder River Basin assets)Wyoming crude oil gathering and storage assets agreed to be sold to Plains All American for about $585 million | Exit | Source | |
| Sep 2026 | Eagle Ford produced water business (name not disclosed)Bolt-on that adds scale and customers to Goodnight Midstream's Eagle Ford water handling operations | Add-on | Environmental & Waste | Source |
| Jul 2026 | Pickton Gas StorageNew East Texas natural gas storage hub led by the management team Tailwater backed at NorTex Midstream | Platform | Source | |
| Jul 2026 | Tailwater Royalties Fund IIFinal close at about $170 million for mineral and royalty interests in U.S. shale basins | Fund close | Source | |
| Jan 2026 | Northern Delaware Basin leaseholdAbout 35,000 gross acres of non-operated oil and gas leasehold in New Mexico, bought by Tailwater E&P | Investment | Source | |
| Dec 2025 | Central Midstream PartnersMajority stake in a family-built Gulf Coast and Ohio liquids pipeline, storage and terminal company; the family CEO stays on | Platform | Source | |
| Oct 2025 | Producers Midstream IIAbout $500 million continuation vehicle, anchored by Goldman Sachs Alternatives, to keep owning the Permian gas midstream company | Investment | Source |
Portfolio by sector
From the firm's portfolio page S3.
Delivery & Logistics Infrastructure
- Central Midstream
- Producers Midstream
- Silver Creek Midstream
- Tall Oak Midstream
Downstream Natural Gas Infrastructure
- WTG Energy
Energy Supply
- Tailwater E&P
- Verdad Resources
Energy Supply and Delivery & Logistics Infrastructure
- Ash Creek Renewables
Energy Supply, Delivery & Logistics Infrastructure, Recycling & Byproduct Management
- Freestone
Gas Storage
- Pickton Gas Storage
Recycling & Byproduct Management
- Blue Tide
- Continuus Materials
- Frontier Infrastructure Holdings
- Goodnight Midstream
- Momentum Technologies
- Renovo Resources
Greymont’s take
How Tailwater Capital fits a seller
Tailwater suits owners of asset-heavy energy businesses, such as oilfield water handling, gas gathering, storage or terminals, and companies that recycle energy byproducts. It is not a general buyer of service companies. Many of its platforms are built around management teams it has backed before, sometimes from scratch, as with Renovo Resources in 2022 and Pickton Gas Storage in 2026. Family owners do sell to it, though: George Jordan, whose family built Central Midstream over five decades, stayed on as CEO after Tailwater bought a majority in December 2025.
An owner should ask whether Tailwater sees the business as a new platform or a bolt-on to a company such as Goodnight, and how growth would be funded, since its companies often pair Tailwater equity with large bank or project loans. It is also worth asking about the hold period, because Tailwater used a continuation vehicle in 2025 to extend its ownership of Producers Midstream.
Questions owners ask
What kind of companies does Tailwater Capital buy?
Energy infrastructure and energy-related environmental businesses: natural gas gathering, storage and distribution, crude and liquids pipelines and terminals, saltwater disposal, used oil recycling, carbon capture and critical mineral recovery. Its affiliate Tailwater E&P separately buys minority interests in oil and gas wells and royalties.
Does Tailwater Capital buy family-owned companies?
Sometimes. In December 2025 it bought a majority of Central Midstream, which the Jordan family had built over more than 50 years, and George Jordan stayed on as CEO. It also invested in WTG Energy, a Texas and Oklahoma gas utility operating since 1976, in October 2024.
Does Tailwater Capital invest in environmental or waste services?
Yes, but only where they tie to energy. Its recycling and byproduct holdings include Goodnight Midstream (saltwater handling for oil producers), Blue Tide (used motor oil re-refining), Renovo Resources (produced water treatment), Momentum Technologies (metal recovery from battery and magnet scrap) and Continuus Materials (roof board made from landfill-bound plastic and fiber).
Sources
- S1Tailwater Capital home page Accessed October 20, 2026
- S2Tailwater Capital: Why Tailwater (about the firm) Accessed October 20, 2026
- S3Tailwater Capital: Portfolio Partners (active and realized) Accessed October 20, 2026
- S4Tailwater Capital: News & Insights Accessed October 20, 2026
- S5Tailwater Capital Announces Strategic Investment in Central Midstream (December 11, 2025) Accessed October 20, 2026
- S6Goodnight Expands Delaware Basin Footprint (September 1, 2026) Accessed October 20, 2026
- S7Tailwater Capital portfolio: WTG Energy Accessed October 20, 2026
- S8Tailwater Capital Invests in Pickton Gas Storage (July 16, 2026) Accessed October 20, 2026
- S9Tailwater Capital Announces Equity Commitment to Form Renovo Resources (April 4, 2022) Accessed October 20, 2026
- S10WTG Energy Unveils New Brand (September 2, 2025) Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Tailwater Capital. Figures are as reported on the dates shown and may have changed. Request a correction