Deal Description: Pennybacker Capital Management, LLC (Pennybacker), a leading real asset investment manager, has announced it has completed the acquisition of the small-scale Florida-based liquefied natural gas production and distribution business (Miami LNG) from New Fortress Energy Inc. (Nasdaq: NFE).

The Miami LNG business is a strategically located small-scale liquefaction operation, equipped with one liquefaction train that produces up to approximately 8,300 MMBtu per day of LNG, optimized for truck and rail logistics to enable efficient and flexible distribution for its customers. The Miami LNG business serves the hospitality, industrial, transportation, aerospace, and marine bunkering sectors principally in Florida and the Caribbean islands. LNG provides on average an estimated 15-40% cost advantage over traditional fuels like diesel, making it a cost-effective, reliable, and cleaner energy source. The definitive agreements relating to Pennybacker’s acquisition of Miami LNG were executed June 28, 2024.

In connection with the acquisition, Pennybacker has appointed Daniel McLaughlin as President and Chief Commercial Officer to lead the Miami LNG business.

Baker Botts represented Pennybacker in the acquisition transaction, related regulatory matters and the formation of the Miami LNG platform.

Baker Botts Lawyers/Offices involved:

Corporate/GP M&A: Clay Brett (Partner, Houston), Carlos Solé III (Partner, Houston), Carlos Marquez (Senior Associate, Washington, D.C.), Megan Lawhorne (Associate, Washington, D.C.)

LNG: David Jetter (Partner, Houston)

Portfolio Company: Catherine Ellis (Senior Associate, Houston)

Energy Regulatory: George Fibbe (Partner, Houston), Ryan Norfolk (Special Counsel, Washington, D.C.)

Real Estate: Christopher Tillotson (Associate, Dallas)

Tax: Jon Lobb (Partner, Houston), Matthew Larsen (Partner, Dallas), Jared Meier (Senior Associate, Houston)

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