Ares EIF acquires Paradigm from Stonepeak
Summary
LOS ANGELES–(BUSINESS WIRE)–Ares Management, L.P. (NYSE:ARES) announced today that funds managed by Ares EIF, its power and infrastructure strategy, have closed on the acquisition of substantially all of the assets and business interests of Paradigm Energy Partners from an affiliate of Stonepeak Infrastructure Partners.The Paradigm assets will be combined with Ares EIF’s adjacent Van Hook Gathering System, which it acquired in 2015, to form a premier regional midstream platform serving the core of the Williston Basin in North Dakota, with additional reach into the prolific Eagle Ford Shale in South Texas.By year end 2018, the combined company is expected to transport nearly 50,000 barrels of oil and 23 million cubic feet of gas per day from 11 contracted customers in North Dakota and Texas.“The Paradigm management team has done a tremendous job over the past four years developing and building a basin-changing midstream platform,” said Scott Parkes, Principal with Ares EIF.Since inception, Ares EIF-managed funds have made approximately 70 equity investments in nearly 130 different power and energy infrastructure assets with a combined underlying enterprise value exceeding $20 billion.
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