Ares Management LP’s (NYSE: ARES) private equity group has signed definitive agreements to acquire BBOG II Guarantor LP (BlackBrush) from EIG Management Company LLC and Tailwater Capital LLC, on behalf of their respective managed funds.
BlackBrush has a history of acquiring and developing oil and gas assets across South Texas, which is one of the most productive oil and gas basins in the US. With new capital provided in conjunction with the transaction, BlackBrush plans to further develop its position of more than 160,000 net (360,000 gross) acres. The transaction is expected to close in the third quarter of 2014.
BlackBrush will continue to be led by its co-founder and CEO, Scott Martin. Co-founder Phil Mezey will also remain involved as an advisor to BlackBrush.