Texas energy company BlackBrush swept up by Ares Management

0
23

gasAres Management’s private equity group has committed to buying South Texas energy stalwart BlackBrush Oil and Gas from the funds of EIG Management and Tailwater Capital.

The firm has signed definitive agreements to buy Blackbrush, which has a history of acquiring and developing oil and gas assets across the fuel-rich South Texas region.

BlackBrush said it planned to use the new capital to further develop its 360,000 gross acre position.

BlackBrush will continue to be led by co-founder and chief executive Scott Martin. Co-founder Phil Mezey will remain involved as an advisor to the firm.

Ares private equity group principal Nate Walton said, “Partnering with the Ares private equity team provides us the capital to continue developing and growing our large asset base.

“BlackBrush is a unique opportunity consistent with our strategy of investing in best-in-class management and high quality basins as part of the growth in domestic energy production.”

Copyright © AltAssets 2014