Midstream companies have struck yet another deal.

Ferrellgas Partners LP (FGP) said June 1 it has entered a definitive purchase and sale agreement to acquire Dallas-based Bridger Logistics LLC, a provider of integrated crude oil midstream services.

The same day, Pioneer Natural Resources Co. (PXD) and Enterprise Products Partners LP (EPD) agreed to sell its midstream assets in a $2.15 billion deal, with roughly half the proceeds going to Pioneer.

Ferrellgas will pay Bridger $837.5 million, making the midstream transaction at least the 13th since January to exceed $500 million. To pay for the transaction, the company is offering about 6.3 million of its MLP units, which could raise about $150 million. The company’s wholly owned subsidiary, Ferrellgas Finance Corp., also will offer $400 million in senior unsecured notes in a private placement to eligible purchasers.

Bridger owns and operates assets including trucking, terminaling, pipeline, rail and maritime from the wellhead to end markets across North America. Bridger has operations in 14 states and nearly all major U.S. crude oil production regions such as the Permian Basin, Bakken, Rockies, Niobrara, Midcontinent, Gulf Coast and Eagle Ford. Bridger, a Riverstone Holdings LLC backed company, was founded in 2010.

Bridger’s largest revenue-generated contract is with Monroe Energy, a subsidiary of Delta Air Lines Inc. (DAL).

In July, Bridger secured a five-year agreement to transport 65,000 barrels per day (bbl/d) of Bakken crude to an East Coast refinery. However, the commitment would be suspended in the case of force majeure and also would be suspended for any month in which Bridger Logistics delivers less than an average of 35 Mbbl/d for such month to Monroe Energy.

Stephen L. Wambold, president and CEO of Ferrellgas, said Bridger is a remarkable organization with a proven record of developing robust midstream assets and executing long-term growth initiatives.

“We'll benefit greatly from their collective experience and deep customer relationships as we continue to pursue midstream-focused growth opportunities," Wambold said.

Julio Rios, Bridger’s president and CEO, will continue to oversee its operations.

Ferrallgas is the nation’s second largest propane retailer and expects to expand its midstream platform through the deal. The company, which became an MLP in 1994, is also the largest U.S. provider of portable propane tank exchanges marketed under the Blue Rhino name.

The company made its first diversification purchase in May 2014, buying Sable Environmental LLC, a leading provider of fluid logistics in the Eagle Ford, for $124.7 million.

In the second quarter of 2015, the company seemed to be thinking more acquisitions after a rough winter.

Wambold said in a March earnings called that after a frigid 2014, the company suffered due to warmer than normal temperatures.

“What an incredible difference a year made for us,” he said. “Propane costs have actually plummeted more than 50% from a year earlier.”

Wambold noted at the time that the company had $27 million in excess cash to make acquisitions.

The transaction is expected to close by July 1, and is subject to customary closing conditions.

Simmons & Co. International was lead financial adviser to Ferrallgas and J.P. Morgan was co-adviser and provided committed financing. Akin Gump Strauss Hauer & Feld was legal counsel for the transaction. RBC Capital Markets was special adviser to Ferrallgas’ board.

Evercore was exclusive financial adviser to Bridger Logistics and Latham & Watkins LLP and Vinson & Elkins LLP was its legal counsel.

Contact the author, Darren Barbee, at dbarbee@hartenergy.com.