I Squared Capital today announced the completion of its acquisition of Spire Inc.’s natural gas storage businesses in Wyoming and Oklahoma. The assets will operate as part of Bear River Midstream LLC, a new I Squared portfolio company focused on safe, reliable natural gas storage across the Western and Mid-Continent United States.

Bear River Midstream launches as an independent midstream energy company at a time when demand for flexible and reliable energy infrastructure continues to grow. Natural gas storage plays an important role in balancing supply and demand, particularly during periods of peak demand, weather volatility, renewable integration and changing energy needs across utility, commercial, industrial and power markets.

The platform includes two integrated underground natural gas storage fields in southwestern Wyoming, now operating as Stallion Gas Storage, with up to 55 Bcf of working gas capacity. The assets are located near the Opal Hub and connect to several major interstate natural gas pipelines serving Western U.S. markets. Bear River Midstream also operates Salt Plains Gas Storage in Manchester, Oklahoma, a 17 Bcf working gas capacity facility serving the Mid-Continent market.

Together, these assets form a strategically located storage platform designed to support energy reliability, flexibility and operational scale across key U.S. regions. Existing customers will experience a seamless transition, with contracts, operations and service teams remaining unchanged.

The Bear River Midstream team will be led by Scott Smith, Chief Executive Officer and former President of Spire Storage. Under I Squared’s ownership, the company will focus on operational continuity, customer service and opportunities to expand natural gas storage capacity in response to growing market demand.

The transaction aligns with I Squared’s focus on investing in essential infrastructure businesses that support long-term economic activity, energy reliability and the modernization of critical systems.

Read the full announcements from Spire and Bear River Midstream below:

• Spire completes sale of natural gas storage businesses to I Squared Capital for $650 million
• Bear River Midstream Launches as an Independent Natural Gas Storage Company, Backed by I Squared Capital

Disclaimers

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