Dallas-based Energy Transfer, which reported nearly $90 billion in revenue in 2022, is acquiring Houston-based Lotus Midstream in a deal valued at approximately $1.45 billion. The deal consists of $900 million in cash and about 44.5 million newly issued Energy Transfer common units.
The acquisition gives Energy Transfer—which operates 120,000 miles of pipeline—an additional 3,000 miles of crude gathering and transportation pipelines that extend from Southeast New Mexico across the Permian Basin of West Texas to Cushing, Oklahoma. The deal also ups Energy Transfer’s storage capacity in Midland by roughly 2 million barrels and gives Energy Transfer a 5 percent equity interest in the Wink to Webster Pipeline—a 650-mile pipeline system transporting more than one million barrels per day of crude oil.
Upon the acquisition closing in the second quarter of 2023, Energy Transfer expects to begin construction on a 30-mile pipeline project that will allow the company and its customers the ability to originate barrels from its Midland terminals to Cushing.
“Oil and gas have been in my blood my entire life. I am very excited about the future of Energy Transfer as we continue to play a critical role in meeting the energy needs of our country and the world,” Energy Transfer co-CEO Mackie McCrea told D CEO.
Invited Unveils Revamped Irving Club with a new name, The Constellation Club
The ownership behind downtown Dallas’ Tower Club, Invited, unveiled its recently renovated club on the 26th floor of The Towers at Williams Square in Irving. The multimillion-dollar renovation showcases elements inspired by the Renaissance of aviation and the Constellation airplane, which was commissioned in 1939 by Trans World Airlines’ owner Howard Hughes. The venue’s new name is taken from this historic airplane that became the model used for President Eisenhower’s Air Force One.
“It really created this era of comfort, exclusivity, service, and experience in aviation that was unprecedented at the time,” says Invited CEO David Pillsbury. “Luxury met aviation in that era.”
The rebranded club design came from a partnership with Southlake-based Thiel & Thiel and features a large coworking space, a couple conference rooms, two private event areas, a quieter work area called The Library, and two culinary concepts. Icon, the club’s fine dining concept, will be for “the power lunch or the power dinner and special occasions,” according to Pillsbury. Revel, its casual eatery, will be housed in the main hub of the club’s layout and showcase California-inspired cuisine. Both are the work of Invited’s Regional Executive Chef Brandon Galitz, who previously held a post at Wolfgang Puck.
“These are all very distinctive areas all within one space. That’s what we think makes the club unique,” Pillsbury says.
Invited clubs are individually designed to cater to the market they serve. “Our strategy is to make sure that that we are properly positioning every club from a branding, product, and service standpoint in every market where we have a club,” Pillsbury says. The company did a similar repositioning of nearby Las Colinas Country Club two years ago, which has been quite successful, according to Pillsbury.
“We’re doing a lot of repositioning, because what happens is over the years, the market grows and evolves—affluence grows, discretionary spending grows, and the demographics shift. The club stays static. So, what we are doing with these repositionings is we’re catching up with the expectations of the market. That’s what we’ve done here: We fell behind the expectation of the market. Now, we are back ahead of the expectation the market, which is where we want to stay,” he says. The original version of the club was built 38 years ago, when Ben Carpenter built The Towers at Williams Square.
Now, Pillsbury hopes the Constellation Club will serve as a centerpiece for the area. “What’s happening in Irving and Las Colinas is amazing—the Wells Fargo Towers that are going in, and Caterpillar is here now,” he says. “This city needs this amenity. This will help attract more companies to Las Colinas Center. We’re absolutely certain about that.”
Dallas-Based Technology Media Group Acquired by Atlanta’s Phase 3 Marketing and Communications
Technology Media Group, a Dallas-based digital printing company, has agreed to be acquired by Atlanta, Georgia-based Phase 3 Marketing and Communications, an integrated marketing services company. TMG will brings its capabilities in digital printing, metal fabrication, warehousing, commercial outdoor signage, and distribution to Phase 3’s clients.
Technology Media Group’s clients will now be able to utilize Phase 3’s agency services including strategy, branding, creative, public relations, media planning, and management. As part of the acquisition, Technology Media Group and Phase 3—which has offices in Dallas, New York City, Nashville, and Charlotte—will soon integrate their North Texas operations under one roof.
“I am beyond proud of the success our team at TMG has accomplished over the last 37 years. We have admired Phase 3 for years and our team is excited to now be part of their growing business and team of talented printing, fabrication, marketing, and communication professionals,” Bruce Byerly, the founder of Technology Media Group, said.
Frisco-based Monument Realty Named Title Sponsor of the PGA District at PGA Frisco
The PGA of America and Omni PGA Frisco Resort have named Frisco-based full-service real estate brokerage Monument Realty as the title sponsor of the PGA District at PGA Frisco. The soon-to-be-opened golf district that includes golf training and entertainment facilities, retail, and dining will now be known as the “Monument Realty PGA District” at PGA Frisco.
During 2022, Monument Realty—which has seven North Texas offices—reported $2.2 billion in real estate sales in DFW.
The district is set to open on May 2 ahead of the KitchenAid Senior PGA Championship, which begins on May 24. It will boast a 2-acre lighted putting course, a 10-hole, lighted par-3 short course, the PGA Coaching Center, dining, childcare play areas, and shopping options.
As part of the agreement, the PGA of America has also made Monument Realty the golf association’s office real estate and luxury real estate partner. Monument Realty is also the official real estate partner of the Dallas Cowboys, Texas Rangers, and Dak Prescott.
Authors
Ben Swanger
View Profile