Tailwater Announces Sale of BlackBrush Oil & Gas to Ares Management
DALLAS, June 17, 2014
Tailwater Capital LLC (“Tailwater”), a Dallas-based private equity firm and EIG Management Company, LLC (“EIG”) announced today they have signed definitive agreements to sell BBOG II Guarantor, L.P. (BlackBrush) to Ares Management, L.P. (“Ares”). The transaction is expected to close in the third quarter of 2014 and is subject to customary closing conditions.
BlackBrush has a successful 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 United States. BlackBrush will continue to be led by its Co-Founder and Chief Executive Officer, Scott Martin.
BlackBrush was founded in 2004 as an independent oil and gas exploration and development company headquartered in San Antonio, Texas with over 75 employees. BlackBrush currently operates over 160,000 net (360,000 gross) acres extensively throughout South Texas and is active in the Eagle Ford and other shale formations.. For more information, please visit www.blackbrushenergy.com.
About Tailwater Capital LLC
Tailwater Capital is a Dallas-based private equity firm focused on middle-market energy investments. Tailwater’s principals have a wealth of experience providing growth equity capital across all domestic energy sectors, having invested over $1.1 billion in equity capital in the space over the past 14 years. For more information, please visit www.tailwatercapital.com.
EIG is a leading institutional investor to the global energy sector with $15.4 billion under management as of March 31, 2014. EIG specializes in private investments in energy, resources and related infrastructure. During its 32-year history, EIG has invested over $16 billion in the sector through more than 290 projects or companies in 34 countries on 6 continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, DC, with offices in Houston, London, Sydney, Hong Kong, Seoul and Rio de Janeiro. Energy Fund XVI is the most recent flagship investment fund of EIG with $6.0 billion raised as of its final closing in November 2013. For more information, please visit www.eigpartners.com.
Ares Management, L.P. (NYSE:ARES) is a leading global asset manager with approximately $77 billion of assets under management and approximately 700 employees in more than 15 offices in the United States, Europe and Asia as of March 31, 2014. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.
The Ares Private Equity Group manages $10 billion of assets and is currently actively investing its fourth private equity fund, ACOF IV, which has $4.7 billion of committed capital. The Ares Private Equity Group pursues majority or shared-control investments, principally in middle market companies with strong business franchises and in situations where its capital can serve as a catalyst for growth. Ares Management’s Private Equity senior partners average more than 20 years of experience investing in, controlling, advising, and restructuring companies. For more information, please visit www.aresmgmt.com.