Here's the Deal
 

Baird's Investment Banking Group is pleased to announce the following transaction:

May 2012


Inergy Midstream, L.P.
Acquisition of US Salt


Baird served as financial advisor and provided a fairness opinion to the Conflicts Committee of the Board of Directors of Inergy Midstream, L.P.


Inergy Midstream, L.P. (NYSE: NRGM) (“Inergy Midstream” or the “Partnership”) recently announced that it entered into an agreement to acquire 100% of the membership interests in US Salt, LLC (“US Salt”) from Inergy, L.P. (NYSE: NRGY) (“Inergy”) for total consideration of $192.5 million.

Inergy Midstream is a master limited partnership focused on owning, operating, developing and acquiring midstream energy assets. The Partnership’s current asset base consists of natural gas and natural gas liquids (“NGL”) storage and transportation assets located in the Northeast region of the United States. The Partnership’s near-term strategy is to continue to develop a platform of interconnected natural gas assets that can be operated as an integrated Northeast storage and transportation hub.

US Salt, located on the shores of Seneca Lake outside of Watkins Glen, New York, is one of five major solution mined salt manufacturers in the United States, producing evaporated salt products for food, industrial, pharmaceutical and water conditioning uses. The US Salt operations are complementary to NRGM’s existing midstream energy storage platform. The solution mining process used by US Salt creates salt caverns that can be developed into usable natural gas and NGL storage capacity. US Salt has approximately 10 bcf of available cavern space that can potentially be developed into additional natural gas storage capacity.

Inergy Midstream, L.P. and Inergy, L.P. are listed and publicly traded on the New York Stock Exchange.

For additional information about this transaction, please contact:
Managing Director, Co-Head of Energy
(314) 445-6532
Vice President
(314) 445-6533

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