(Reuters) -The private equity owner of Northwind Midstream is exploring a potential sale of the Permian Basin gas infrastructure operator, with any deal expected to value the company at around $2 billion including debt, people familiar with the matter said.

Five Point Infrastructure is working with investment bankers at Piper Sandler ( PIPR ) on the sale effort, which is in its early stages and may attract interest from midstream companies as well as other buyout and infrastructure funds.

The people cautioned that there was no guarantee a deal would be struck, and any agreement could come at a different valuation. They also spoke on condition of anonymity to discuss private deliberations.

Five Point declined comment. Northwind and Piper Sandler ( PIPR ) did not respond to requests for comment.

Northwind Midstream was formed by Five Point in 2022 and, since then, the company has developed a system of pipelines, compressor stations and a treatment facility in the northern part of the Delaware Basin, predominantly in New Mexico.

The company focuses on moving and treating so-called acid gas, a form of natural gas which is high in hydrogen sulfide and carbon dioxide. The chemical compounds need to be removed before the natural gas can be used for commercial purposes.

The sale effort involving Northwind is the latest example of private equity owners aiming to offload the energy infrastructure networks which the companies have spent recent years building out to support growing U.S. shale production.

Dealmaking activity is supported by publicly-listed pipeline operators wanting to expand their capabilities after spending recent years paying down debt and improving their stock prices.

Competition for assets is supplemented by healthy appetite from investment firms, which have raised billions of dollars to buy energy infrastructure, which offers steady returns from the fees levied for moving oil and gas.