Ares Management to acquire BlackBush Oil Ares Management announced that its Private Equity Group has signed definitive agreements to acquire BlackBrush Oil from EIG Management and Tailwater Capital on behalf of their respective managed funds. With new capital provided in conjunction with the transaction, BlackBrush plans to further develop its more than 160K net acre position. The transaction is expected to close in 3Q14 and is subject to customary closing conditions. 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.
Ares Management reports Q1 economic NII 35c, consensus 39c Reports Q1 revenue $181.73M, consensus $166.8M. Total assets under management increased to $86.9B, a 12.8% increase year over year. Reports $3.2B in gross capital raised in Q1.